Consumer prices

In October 2019 the Italian consumer price index for the whole nation (NIC) decreased by 01% on monthly basis and increased by 0.2% on annual basis (from +0.3% September 2019). The flash estimate was +0.3%.

The slowdown of the growth on annual basis of All items index was mainly due to to the widening of the decrease of prices of Regulated energy products (from -5.3% to -8.0%), that was partially offset by the speed-up of prices of Services related to transport (from +0.4% to +1.8%).

The core inflation excluding energy and unprocessed food and inflation excluding energy were +0.7% (up from +0.6% for both).

The decrease on monthly basis of All items index was essentially due to the decrease, mainly due to seasonal factors, of prices of Services related to transport (-0.7%) and of Services related to recreation, including repair and personal care (-0.8%), only partially offset by the decreaseof prices of Regulated energy products (+2.9%) and of Non-regulated energy products (+0.9%).

The annual rate of change of prices of Goods was -0.5% (down from -0.2% in September) and that one of prices of Services was +1.1% (up from +0.9%). As a consequence, the inflationary gap between Services and Goods was +1.6 percentage points (it was +1.1).

Prices of Grocery and unprocessed food was stable on monthly basis and increased by 0.5% on annual basis (up from +0.4% in the previous month).

In October the Italian harmonized index of consumer prices (HICP) increased by 0.2% on monthly basis and with respect to October 2018 (the same as in the previous month), confirming the flash estimate.