Consumer prices (provisional)

According to preliminary estimates, in September 2019 the Italian consumer price index for the whole nation (NIC) decreased by 0.5% on monthly basis and increased by 0.4% with respect to September 2018 (the same as in the previous month).

The stability of the growth on annual basis of All items index was due to opposite dynamics: on one hand the slowdown of prices of Unprocessed food (from + 1.5% to + 1.1%) and of Services related to transport (from + 1.7% to + 0.4%, by seasonal factors) and the widening of decrease of those of Non-regulated energy products (from -1.0% to -2.6%); on the other hand, the speed-up of prices of Processed food including alcohol (from +0.2% in August to +0.7%), of Services related to recreation, including repair and personal care (from +1.0% to +1.3 %) and the lower decrease of Durable goods (from -1.2% to -0.7%).

The core inflation excluding energy and unprocessed food was +0.6% (up from +0.5%) and inflation excluding energy was +0.6% (the same as in the previous month).

The decrease on monthly basis of All items index was essentially due to prices of Services related to transport (-6.1%), mainly influenced by seasonal factors.

The annual rate of change of prices of Goods was zero and that one of prices of Services was +0.8% (the same as in the previous month for both). As a consequence, the inflationary gap between Services and Goods was the same and still positive (+0.8 percentage points).

Prices of Grocery and unprocessed food decreased by 0.1% on monthly basis and increase by 0.8% on annual basis (up from +0.7% in the previous month).

In September 2019, according to preliminary estimates, the Italian harmonised index of consumer prices (HICP) increased by 1.5% compared with the previous month and by 0.3% with respect to September 2018 (down from +0.5%). The increase on monthly basis was mainly due to the end of summer sales of Clothing and footwear (+32.9% compared with August 2019), which are not taken into account in the national index NIC.