Consumer prices (provisional data) - July 2025

According to preliminary estimates, in July 2025 the Italian consumer price index for the whole nation (NIC) was +0.4% compared with the previous month and +1.7% on annual basis (as same as in June).

The stabilization of the growth on annual basis of All-item index underlies contrasting trends: the prices of Unprocessed food (from +4.2% to +5.1%), of Processed food including alcohol (from +2.7% to +3.1%), of Services – miscellaneous (from +1.6% to +2.2%) and of Services related to transport (from +2.9% to +3.4%) have increased; quite the opposite, the growth on annual basis of the prices of Regulated energy products (from +22.6% to +16.7%), of Non-regulated energy products (from -4.2% to -5.8%) and of Services related to recreation, including repair and personal care (from +3.2% to +2.6%) slowed down.

In July 2025, core inflation (excluding energy and unprocessed food) was +2.0% (as same as in June) and inflation excluding energy was +2.2% (from +2.1% in the previous month).

As for Goods, the year on year growth rate was +0.7% (from +0.9% in June) and for Services the annual rate of change was +2.6% (from +2.7%). As a consequence, the inflationary gap between Services and Goods increased (from +1.8 percentage points in June to +1.9).

The prices of Grocery and unprocessed food increased by 0.2% on monthly basis and by 3.4% on annual basis (up from +2.8% in the previous month).

The increase on monthly basis was mainly due to the prices of Non-regulated energy products (+1.6%), of Services related to transport (+1.0%), of Regulated energy products (+0.9%), of Services – miscellaneous (+0.6%) and of Processed food including alcohol (+0.5%); on the other hand the prices of Unprocessed food (-0.6%) decreased.

In July 2025, according to preliminary estimates, the Italian harmonised index of consumer prices (HICP) decreased by 1.0% on monthly basis (due to the summer sales not considered by NIC) and increased by 1.7% on annual basis (from +1.8% in the previous month).