Consumer prices - May 2025

Final data

In May 2025 the rate of change of the Italian consumer price index for the whole nation (NIC) was -0.1% on monthly basis and +1.6% with respect to May 2024 (from +1.9% in the previous month); the flash estimate was +1.7%.

The decrease of the growth on annual basis of All-item index was mainly due to the prices of Regulated energy products (from +31.7% to +29.3%), of Non-regulated energy products (from -3.4% to -4.3%), of Unprocessed food (from +4.2% to +3.5%), of Services related to recreation, including repair and personal care (from +3.6% to +3.1%) and of Services related to transport (from +4.4% to +2.6%). On the contrary, the prices of Processed food including alcohol (from +2.2% to +2.7%) and of Durable goods (from -1.4% to -1.1%) speed up.

In May 2025, core inflation (excluding energy and unprocessed food) was +1.9% (down from +2.1% in April) and inflation excluding energy was +2.1% (down from +2.2% in the previous month).

As for Goods, the year on year growth rate was +0.8% (from +1.0% in April) and for Services the annual rate of change was +2.6% (from +3.0% in April). As a consequence, the inflationary gap between Services and Goods decreased (from +2.0 percentage points in April to +1.8).

Prices of Grocery and unprocessed food increased by 0.4% on monthly basis and by 2.7% on annual basis (up from +2.6% in the previous month).

The decrease on monthly basis of NIC was mainly due to the prices of Non-regulated energy products             (-2.1%) and of Services related to transport (-1.7%); on the other hand the prices of Services related to recreation, including repair and personal care (+1,0%), of Unprocessed food (+0.7%) and Processed food including alcohol (+0.3%) increased.

In May 2025 the Italian harmonised index of consumer prices (HICP) decreased by 0.1% on monthly basis and increased by 1.7% on annual basis (from +2.0% in the previous month); the flash estimate was +1.9%.