Consumer prices

In May 2020 the rate of change of Italian consumer price index for the whole nation (NIC) was -0.2% both on monthly basis and with respect to May 2019 (inflation was zero in the previous month); the flash estimate was -0.1%.

The decrease on annual basis of all items index was mainly due to the widening of the decrease of prices of non-regulated energy products (from -7.6% to -12.2%).

Core inflation (excluding energy and unprocessed food) was +0.8% and inflation excluding energy was +1.0% (the same as in the previous month for both).

The decrease on monthly basis was mainly due to the decrease of prices of non-regulated energy products (-4.2%), only partially offset by the increase of prices of unprocessed food (+1.2%).

Prices of grocery and unprocessed food increased by 0.5% on monthly basis and by 2.4% on annual basis (down from +2.5% in the previous month).

In May 2020 the Italian harmonized index of consumer prices (HICP) decreased by 0.3% both on monthly basis and on annual basis (down from +0.1% in the previous month); the flash estimate was -0.2%.

Even in May, the estimates of NIC and HICP have been compiled in the context of the spread in Italy of the Covid-19 crisis and the consequent interruption of many retail trade activities supplying goods and services. The structure of Italian consumer price survey, based on the use of multiple sources to collect data, has allowed to contain the effects of the higher amount of missing observations. On pages 12-13 the methodological note describes the context and the choices adopted to deal with the issues emerged