Consumer prices - September 2024

According to preliminary estimates, in September 2024 the Italian consumer price index for the whole nation (NIC) was -0.2% on monthly basis and +0.7% on annual basis (from +1.1% in August 2024).

The slow down of the annual inflation rate was mainly due to the prices of Regulated energy products (from +14.3% to +10.0%), of Non-regulated energy products (from -8.6% to -11.0%), of Services related to recreation, including repair and personal care (from +4.5% to +4.0%) and of Services related to transport (from +2.9% to +2.5%). At the opposite, an upward contribution to the inflation rate came from the prices of Unprocessed food (from -0.5% to +0.3%) and of Processed food including alcohol (from +1.5% a +1.8%) have accelerate.

In September 2024, core inflation (excluding energy and unprocessed food) was +1.8% (from +1.9% in the previous month) and inflation excluding energy was +1.7% (from +1.8%).

As for Goods, the year on year growth rate was -0.8% (from -0.5% in August) and for Services the annual rate of change was +2.8% (from +3.2%). As a consequence, the inflationary gap between Services and Goods decreased (from +3.7 percentage points in August to +3.6).

The prices of Grocery and unprocessed food increased by 0.3 on monthly basis and by 1.1% on annual basis (up from +0.6% in the previous month).

The month on month decrease of NIC was mainly due to the prices of of Services related to transport  (-2.1%), of Regulated energy products (-1.5%), of Non-regulated energy products (-1.1%); on the other hand the prices of Unprocessed foods (+1.4%), of Durable goods and Semi-durable goods (+0.3 both) have increased.

In September 2024, according to preliminary estimates, the Italian harmonised index of consumer prices (HICP) increased by 1.2% on monthly basis, also due to the end of the summer sales of Clothing and footwear (not considered by NIC), and by 0.8% on annual basis (from +1.2% in the previous month).