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Press release

Consumer prices (provisional data) - January 2024

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According to preliminary estimates, in January 2024 the Italian consumer price index for the whole nation (NIC) increased by 0.3% on monthly basis and by 0.8% with respect to January 2023 (from +0.6% in the previous month).

The increase of the growth on annual basis of All-item index was mainly due to the prices of Services related to transport (from +3.7% to +4.3%), of those of Unprocessed food (from +7.0% to +7.5%) and of Regulated energy products (from -41.6% to -21.4%). On the contrary, the prices of Services related to housing (from +4.2% to +2.9%) and of Durable goods (from +1.5% to +0.8%) slowed down.

In January 2024, core inflation (excluding energy and unprocessed food) was +2.8% (from +3.1% in the previous month) and inflation excluding energy was +3.1% (from +3.4%).

As for Goods, the year on year growth rate was -0.8% (from -1.5% in December) while for Services the annual rate of change was +2.9 (down from +3.4%). As a consequence, the inflationary gap between Services and Goods decreased in absolute value (from +4.9 percentage points in December to +3.7).
The prices of Grocery and unprocessed food increased by 1.0% on monthly basis and by 5.4% on annual basis (down from +5.3% in the previous month).

The increase on monthly basis was mainly due to the prices of Unprocessed food (+1.1%), of Processed food including alcohol (+1.0%), of Services related to housing (+0.4%), of Non-regulated energy products and Non energy industrial goods (+0.3% both); on the other hand the prices of Services related to transport (-1.2%) and of Non-regulated energy products (-0.1%) slowed down.

In January 2024 the rate of change of the Italian harmonized index of consumer prices (HICP) was -1.1% on monthly basis, due to the winter sales not considered by NIC, and +0.9% on annual basis (from +0.5% in December).

Reference period: January 2024

Date of Issue: 01 February 2024

Next release: 22 February 2024

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