Consumer prices - December 2024

Final data

In December 2024 the Italian consumer price index for the whole nation (NIC) increased by 0.1% on monthly basis and by +1.3% on annual basis (the same as in November), confirming the flash estimate.

In 2024, the average annual rate of change of consumer prices, measured by NIC, was +1.0% (+5.7% in 2023); core inflation, excluding energy and unprocessed food, was +2.0% (from +5.1% in 2023) and inflation excluding energy was +2.1% (+5.3% in 2023).

The stabilization of the growth on annual basis of All-item index underlies contrasting trends: the prices of Unprocessed food (from +3.8% to +2.3%) and of Services related to recreation, including repair and personal care (from +3.7% to +3.1%) slowed down; on the contrary, the prices of Regulated energy products (from +7.4% to +12.7%) and of Non-regulated energy products (from -6.6% to -4.2%) have increased.

In December 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 +2.0% in November).

The prices of Grocery and unprocessed food decreased by 0.4 on monthly basis and increased by 1.7% on annual basis (down from +2.3% in the previous month).

The increase on monthly basis of All items index was expecially due to the prices of of Regulated energy products (+1.5%), of Services related to transport (+1.4%), of Services related to housing (+0.4%), of Non-durable goods and of Non-regulated energy products (+0.3% both), only partially offset by the decrease of those of Unprocessed foods (-0.7%), of Processed food including alcohol (-0.3%) and of Services related to recreation, including repair and personal care (-0.2%).

In December 2024, the Italian harmonized index of consumer prices (HICP) increased by 0.1% compared with the previous month and by 1.4% on annual basis (from +1.5% in November), confirming the flash estimate. In 2024 the average annual rate of change of HICP was +1.1% (+5.9% in 2023).

On average, in 2024, inflation measured by HICP had a larger impact on households with greater purchasing power (from +5.7% in 2023 to +1.6%) than on households with lower purchasing power (+0.1% slowing down from +6.5% in 2023).