Consumer prices (provisional data) - September 2025

According to preliminary estimates, in September 2025 the Italian consumer price index for the whole nation (NIC) was -0.2% compared with the previous month and +1.6% on annual basis (as same as in the previous month).

The stabilization of the growth on annual basis of All-item index underlies contrasting trends: the prices of Unprocessed food (from +5.6% to +4.8%) slowed down; on the contrary, the prices of Processed food including alcohol (from +2.7% to +3.0%), of Regulated energy products (from +12.9% to +14.0%) and of Non-regulated energy products (from -4.8% to -3.7%) have increased.

In September 2025, core inflation (excluding energy and unprocessed food) was +2.1% (as same as in the previous month) and inflation excluding energy was +2.1% (from +2.3% in August).

As for Goods, the year on year growth rate was +0.7% (from +0.6% in August) and for Services the annual rate of change was +2.6% (from +2.7%). As a consequence, the inflationary gap between Services and Goods decreased (from +2.1 percentage points in August to +1.9).

The prices of Grocery and unprocessed food recorded a zero variation on monthly basis and decreased by 3.2% on annual basis (down from +3.4% in the previous month).

The decrease on monthly basis was mainly due to the prices of Services related to transport (-3.3%); on the other hand the prices of Unprocessed food (+0.6%) increased.

In September 2025, according to preliminary estimates, the Italian harmonised index of consumer prices (HICP) increased by 1.3% on monthly basis, also due to the end of the summer sales of Clothing and footwear (not considered by NIC), and by 1.8% on annual basis (from +1.6% in the previous month).