Consumer prices - July 2024

In July 2024 the rate of change of the Italian consumer price index for the whole nation (NIC) increased by 0.4% on monthly basis and by 1.3% with respect to July 2023 (from +0.8% in June 2024), confirming the flash estimate.

The increase of the growth on annual basis of All-item index was mainly due to the prices of Regulated energy products (from +3.5% to +11.7%), of Non-regulated energy products (from -10.3% to -6.0%), of Tobacco (from +3.4% to +4.1%) and of Services related to recreation, including repair and personal care (from +4.0% to +4.4%); on the contrary, the prices of Unprocessed foods (from +0.3% to -0.4%), of Processed food including alcohol (from +2.0% to +1.6%), of Non-durable goods (from +1.3% to +0.9%) and of Services miscellaneous (from +1.8% to +1.5%) slowed down.

In July 2024, core inflation (excluding energy and unprocessed food) was stable at +1.9% and inflation excluding energy slowed down (from +1.9% to +1.8%). As for Goods, the year on year growth rate was -0.1% (from -0.7% in June) and for Services the annual rate of change was +3.0% (from +2.8%).

As a consequence, the inflationary gap between Services and Goods decreased (from +3.5 percentage points in June to +3.1). The prices of Grocery and unprocessed food decreased by 0.4 on monthly basis and increased by 0.7% on annual basis (down from +1.2% in the previous month).

The increase on monthly basis was mainly due to the prices of Regulated energy products (+5.9%), of Nonregulated energy products (+3.4%), of Services related to recreation, including repair and personal care (+0.8%) and of Services related to transport (+0.4%); on the other hand the prices of Unprocessed foods (-1.5%) decreased.

In July 2024 the rate of change of the Italian harmonized index of consumer prices (HICP) decreased by 0.9 on monthly basis (due to the summer sales not considered by NIC) and increased by 1.6% on annual basis (from +0.9% in June); the flash estimate was +1.7%.