Consumer prices (provisional data) - November 2024

According to preliminary estimates, in November 2024 the Italian consumer price index for the whole nation (NIC) was null compared with the previous month and +1.4% on annual basis (from +0.9% in October 2024).

The increase of the growth on annual basis of All-item index was mainly due to the prices of Regulated energy products (from +3.9% to +7.5%), of Non-regulated energy products (from -10.2% to -6.6%), of Processed food including alcohol (from +1.7% to +2.4%), of Unprocessed food (from +3,4% to +4.1%), of Durable goods (from -1.4% to -0,8%), of Services related to transport (from +3.0% to +3.5%), of Non-durable goods (from +0.9% to +1.3%) and, to a lesser extent, of Services related to housing (from +2.3% to +2.5%) and of Services related to communication (from +1.0% to +1.2%).

In November 2024, core inflation (excluding energy and unprocessed food) was +1.9% (from +1.8% in the previous month) and inflation excluding energy was +2.2% (from +1.9%).

As for Goods, the year on year growth rate was +0.4% (from -0.5% in October) and for Services the annual rate of change was +2.8% (from +2.7%). As a consequence, the inflationary gap between Services and Goods decreased (from +3.2 percentage points in October to +2.4).

The prices of Grocery and unprocessed food increased by 0.9 on monthly basis and by 2.6% on annual basis (up from +2.0% in the previous month).

The zero increase on monthly basis was due to the prices of Regulated energy products (+2.7%), of Unprocessed foods (+1.5%), of Processed food including alcohol (+0.8%) and of Services related to housing (+0.3%); whose growth was offset by the decrease of prices of Services related to recreation, including repair and personal care (-1.2%).

In November 2024, according to preliminary estimates, the Italian harmonised index of consumer prices (HICP) was null compared with the previous month and increased by 1.6% on annual basis (from +1.0% in October).