Consumer prices: provisional data

In September 2014, according to provisional estimates, the Italian consumer price index for the whole nation (NIC) declined by 0.3% compared with the previous month and by 0.1% with respect to September 2013 (the same annual rate of change observed in August 2014).

The stability of the decline on annual basis of the All items index was mainly due to the fact that the extension of the annual decrease of prices of Non-regulated energy products (-2.8%, from -1.2% in August 2014) was offset by the reduction of the decline on annual basis of prices of Unprocessed food (-0.9%, from -1.8% in the previous month), whereas the other aggregates of goods and services substantially confirmed the annual dynamics registered in August 2014.

Excluding unprocessed food and energy, core inflation was stable at 0.5%; excluding energy, the inflation was 0.3% (0.1 lower than in August 2014).

The decrease on monthly basis of All items index was mainly due to the decline of prices of Services related to transport (-4.8%) – on which seasonal factors had an impact – and, to a lesser extent, to the reduction of prices of Non-regulated energy products  (-0.6%).

The annual rate of change of prices of Goods was -0.6% (as in the previous month) and the annual rate of change of prices of Services was stable at +0.6%. As a consequence, the inflationary gap between Services and Goods held steady with respect to August 2014.

Prices of Grocery and unprocessed food rose by 0.1% on monthly basis and held steady on annual basis (from -0.2% observed in August 2014).

In September 2014, according to preliminary estimates, the Italian harmonized index of consumer prices (HICP) rose by 1.8% compared with the previous month and declined by 0.2% with respect to September 2013 (the same value registered in August 2014). The increase on monthly basis was mainly due to the end of summer sales of Clothing and footwear (+30.0% compared with August 2014) which are not taken into account in the national index NIC.

Core inflation measured by Italian HICP was 0.3% (down from 0.4% in August 2014); the same trend was registered for the inflation calculated excluding energy, food, alcohol and tobacco. Excluding energy, the inflation was 0.3% (0.1 higher than in August 2014).