Consumer prices - June 2024

In June 2024 the rate of change of the Italian consumer price index for the whole nation (NIC) was +0.1 on monthly basis and +0.8% on annual basis (the same as in May), confirming the flash estimate.

The stabilization of the growth on annual basis of All-item index underlies contrasting trends: the prices of Unprocessed foods (from +2.2% to +0.3%), of Services related to recreation, including repair and personal care (from +4.3% to +4.0%), of Durable goods (from -0.7% to -1.0%) and of Services related to transport (from +2.4% to +2.2%) slowed down; on the contrary, the prices of Non-regulated energy products (from -13.5% to -10.3%), of Regulated energy products (from +0.7% to +3.5%) and of Processed food (including alcohol and tobacco) (from +1.8% to +2.0%) have increased.

In June 2024, core inflation (excluding energy and unprocessed food) and inflation excluding energy slowed down (from +2.0% to +1.9% both).

As for Goods, the year on year growth rate was -0.7% (from -0.9% in May) and for Services the annual rate of change was +2.8% (from +2.9%). As a consequence, the inflationary gap between Services and Goods decreased (from +3.8 percentage points in May to +3.5).

The prices of Grocery and unprocessed food decreased by 0.2 on monthly basis and increased by 1.2% on annual basis (down from +1.8% in the previous month).

The increase on monthly basis was mainly due to the prices of Regulated energy products (+2.3%), of Services related to transport (+0.9%), of Services related to recreation, including repair and personal care (+0.8%) and of Processed food (including alcohol and tobacco) (+0.3%); on the other hand the prices of Unprocessed foods (-1.0%), of Non-regulated energy products (-0.9%) and of Durable goods (-0.3%) decreased.

In June 2024 the rate of change of the Italian harmonized index of consumer prices (HICP) was +0.2% on monthly basis and +0.9% on annual basis (from +0.8% in May), confirming the flash estimate.

In the second quarter of 2024, inflation measured by HICP had a wider impact on the sub-population with the lowest level of equivalent expenditure than on households with highest amount of expenditure (-0.4% and +1.6% respectively).