Consumer prices - November 2025

In November 2025 the rate of change of the Italian consumer price index for the whole nation (NIC) was  -0.2% compared with the previous month and +1.1% on annual basis (from +1.2% in the previous month); the flash estimate was +1.2%.

The decrease of the growth on annual basis of All-item index was mainly due to the prices of Services related to transport (from +2.0% to +0.9%), of Unprocessed food (from +1.9% to +1.1%), of Processed food including alcohol (from +2.5% to +2.1%), of Services related to recreation, including repair and personal care (from +3.3% to +3.0%), of Regulated energy products (from -0.5% to -3.2%) and of Services related to communication (from -0.3% to -0.8%). At the opposite, an upward contribution to the inflation rate came from the prices of Non-regulated energy products (from -4.9% to -4.3%).

In November 2025, core inflation (excluding energy and unprocessed food) and inflation excluding energy are both +1.7% (both down from +1.9% in October).

As for Goods, the year on year growth rate was +0.1% (from +0.2% in October) and for Services the annual rate of change was +2.3% (from +2.6%). As a consequence, the inflationary gap between Services and Goods decreased (from +2.4 percentage points in October to +2.2).

The prices of Grocery and unprocessed food was null on monthly basis and increased by 1.5% on annual basis (down from +2.1% in the previous month).

The decrease on monthly basis was mainly due to the prices Services related to recreation, including repair and personal care (-1.6%) and of Services related to transport (-1.3%); on the other hand the prices of Non-regulated energy products (+0.7%) and of Unprocessed food (+0.4%) increased.

In November 2025, the Italian harmonised index of consumer prices (HICP) decreased by 0.2% on monthly basis and increased by 1.1% on annual basis (from +1.3%), confirming the flash estimate.