Consumer prices (provisional)

In February 2015, according to preliminary estimates, the Italian consumer price index for the whole nation (NIC) rose by 0.3% compared with the previous month and declined by 0.2% with respect to February 2014 (the annual rate was -0.6% in January 2015).

The lower decline on annual basis of the All items index was mainly due to the marked recovery of Fresh Vegetables prices (+11.2%, up from -1.7% in January 2015); other contributions derived from the speed-up of the annual growth of prices of Services related to transport (+1.4%, from +0.3% in the previous month), from the reversal of trend of Tobacco prices (+3.7%, from -0.4% in January 2015) and from the partial reduction of the annual decrease of prices of Non-regulated energy products (-12.8%, from -14.0% in the previous month).

Excluding energy and unprocessed food, core inflation was 0.6% (up from +0.3% in the previous month); excluding energy, the inflation was 0.7% (0.4 higher than in January 2015).

The increase on monthly basis of All items index was mainly due to the rises of prices of Fresh vegetables (+8.2%) – on which seasonal factors had an impact – and of prices of Tobacco (+4.1%); a contribution also derived from the increase of prices of Services related to transport (+0.8%), on which seasonal factors had an impact, too.

The annual rate of change of prices of Goods was -0.9% (from -1.5% observed in January 2015) and the annual rate of prices of Services was +0.8% (up from +0.5% in the previous month). As a consequence, the inflationary gap between Services and Goods decreased by 0.3 percentage points with respect to January 2015.

Prices of Grocery and unprocessed food rose by 0.6% on monthly basis and by 0.7% on annual basis (in January 2015, the annual rate was equal to zero).

In February 2015, according to preliminary estimates, the Italian harmonized index of consumer prices (HICP) rose by 0.3% compared with the previous month and by 0.1% with respect to February 2014 (up from -0.5% in January 2015).

Core inflation measured by Italian HICP was 0.9%, up from 0.4% in January 2015; excluding energy, food, alcohol and tobacco, the inflation was 0.9% from 0.5% registered in the previous month. Excluding energy, the inflation was 1,0% (0.7 higher than in January 2015).

Date of next release: 31 march 2015