Consumer prices - November 2024

In November 2024 the rate of change of the Italian consumer price index for the whole nation (NIC) was -0.1% on monthly basis and +1.3% with respect to November 2023 (from +0.9% in October 2024); the flash estimate was +1.4%.

The increase of the growth on annual basis of All-item index was mainly due to the prices of Regulated energy products (from +3.9% to +7.4%), of Non-regulated energy products (from -10.2% to -6.6%), of Processed food including alcohol (from +1.7% to +1.9%), of Unprocessed food (from +3,4% to +3.8%), of Services related to transport (from +3.0% to +3.5%), of Non-durable goods (from +0.9% to +1.4%) and, to a lesser extent, of Services related to housing (from +2.3% to +2.5%) and of Services related to communication (from +1.0% to +1.2%).

In November 2024, core inflation (excluding energy and unprocessed food) was +1.9% (from +1.8% in the previous month) and inflation excluding energy was +2.0% (from +1.9%).

As for Goods, the year on year growth rate was +0.2% (from -0.5% in October) and for Services the annual rate of change was +2.8% (from +2.7%). As a consequence, the inflationary gap between Services and Goods decreased (from +3.2 percentage points in October to +2.6).

The prices of Grocery and unprocessed food increased by 0.6 on monthly basis and by 2.3% on annual basis (up from +2.0% in the previous month).

The month on month decrease of NIC was mainly due to the prices of Services related to recreation, including repair and personal care (-1.2%) and of Durable goods (-0.6%); on the other hand the prices of Regulated energy products (+2.7%), Unprocessed food (+1.2%), Processed food including alcohol, of Services related to housing and of Non-durable goods (+0.3% all) have increased.

In November 2024 the Italian harmonised index of consumer prices (HICP) decreased by 0.1% on monthly basis and increased by 1.5% on annual basis (from +1.0% in October); the flash estimate was +1.6%.