In May 2017, the Italian consumer price index for the whole nation (NIC) decreased by 0.2% on monthly basis and increased by 1.4% compared with May 2016, down from +1.9% in April 2017. The flash estimate was confirmed.<\/p>\n
In May, the lower growth of the annual rate of change of All items index was mainly due to prices of Non-regulated energy products (+6.8%, from +9.1% in April), Services related to transport (+3.2%, from +5.5%) and Unprocessed food (+3.8%, from +4.7% in the previous month).<\/p>\n
Therefore, excluding energy and unprocessed food, core inflation was +0.7% and excluding energy the inflation was +1.0%, respectively 0.4 and 0.3 percentage points lower than in April.<\/p>\n
The annual rate of change of prices of Goods was +1.6% and that one of prices of Services was +1.4% (both of them down from +1.8% in April). As a consequence, the inflationary gap between Services and Goods was negative again (-0.2 percentage points; it was null
\nin the previous month).<\/p>\n
The decrease on monthly basis of All items index was mainly due to the prices of Services related to transport (-2.2%), because of seasonal factors of opposite sign to those ones of Easter and Liberation day occurred in April.<\/p>\n
Prices of Grocery and unprocessed food increased by 0.1% on monthly basis and by 1.6% on annual basis (from +1.8% in the previous month).<\/p>\n
In May 2017, the rate of change of Italian harmonized index of consumer prices (HICP) decreased by 0.1% compared with the previous month\u00a0 and increased by 1.6% with respect to May 2016 (the annual rate of change observed in the previous month was +2.0%). The flash estimate was +1.5%.<\/p>\n
In May core inflation, measured by Italian HICP, was +0.8% (down from 1.2% in April). Both inflation excluding Energy, food, alcohol and tobacco and inflation excluding Energy slowed: the first was +0.9% (from +1.3% in April), the second was +1.1% (0.3 percentage points lower than in the previous month).<\/p>\n
In May
\n2017, the Italian harmonized index of consumer prices at constant tax rates (HICP-CT) decreased by 0.1% compared with the previous month and increased by 1.6% with respect to May 2016 (as HICP). Therefore, the difference between HICP and HICP-CT growth rates\u00a0\u2013 which incorporates the effects of changes in indirect taxes occurred in the last twelve months \u2013 was null.<\/p>\n
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