In July 2018, the Italian consumer price index for the whole nation (NIC) increased by 0.3% on monthly basis and by 1.5% compared with July 2017 (up from +1.3% in the previous month), confirming the flash estimate.<\/p>\n
The acceleration of the growth on annual basis of All items index was mainly due to prices of Regulated energy products (from -1.2% to +5.5%). The slowdown of prices of Services related to transport (from +2.9% of the previous month to +1.7%) mitigated this acceleration.<\/p>\n
As a consequence, inflation excluding energy and unprocessed food (core inflation) was +0.7% and inflation excluding energy was +0.9% (both in deceleration respectively from +0.8% and +1.0%).<\/p>\n
The increase on monthly basis of All items index was mainly due to the rises of prices of Regulated energy products (+6.1%) and, to a lesser extent, of Services related to recreation, including repair and personal care (+0.8%) only partially offset by the decrease of prices of Unprocessed food (-1.8%).<\/p>\n
The annual rate of change of prices of Goods was +2.1% (up from +1.5% in June) and that one of prices of Services was +0.9% (from +1.0% in the previous month). Therefore the inflationary gap between Services and Goods was still negative and equal to -1.2 percentage points (-0.5 in June).<\/p>\n
Prices of Grocery and unprocessed food decreased by 0.6% on monthly basis and increased by 2.2% on annual basis (stable from the previous month).<\/p>\n
In July 2018 the Italian harmonised index of consumer prices (HICP) decreased by 1.4% compared with the previous month and increased by 1.9% on annual basis (from +1.4% in June). The decrease on monthly basis was mainly due to the beginning of the summer sales of Clothing and footwear (-19.1% compared with June 2018), which are not taken into account in the national index NIC.<\/p>\n
The wider acceleration of HICP compared to that of NIC, was due to Clothing and footwear prices which grew by 3.5% on annual basis (from + 0.1% in June). The main reason of this dynamics was the postponed start of the summer sales (July 7 in 2018 in almost all regions, July 1 in 2017), so that the decrease on monthly basis of prices of Clothing and footwear this year was less wide (-19.1%) than in July of last year\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (-21.7%), determining the acceleration that affected the general index.<\/p>\n
In July core inflation (excluding energy and unprocessed food), measured by Italian HICP, was +1.1% (up from +0.8% in the previous month). Inflation excluding energy, food, alcohol and tobacco (+0.9%) and excluding energy (+1.3%) accelerated (respectively from +0.7% and +1.1% in the previous month).<\/p>\n
In July 2018, the Italian harmonised index of consumer prices at constant tax (HICP-CT) decreased by 1.4% compared with the previous month and increased by 1.9% with respect to July 2017. Therefore, the difference between HICP and HICP-CT growth rates, which incorporates the effects of changes in indirect taxes occurred in the last twelve months, was null.<\/p>\n","protected":false},"excerpt":{"rendered":"
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