Consumer prices - October 2024

In October 2024 the rate of change of the Italian consumer price index for the whole nation (NIC) was null compared with the previous month and +0.9% on annual basis (from +0.7% in September 2024), confirming the flash estimate.

The increase of the growth on annual basis of All-item index was mainly due to the prices of Processed food including alcohol (from +1.5% to +1.7%), of Unprocessed food (from +0.3% to +3.4%), of Non-regulated energy products (from -11.0% to -10.2%) and of Services related to transport (from +2.4% to +3.0%); on the contrary, the prices of Regulated energy products (from +10.4% to +3.9%) and of Services related to recreation, including repair and personal care (from +4.0% to +3.6%) slowed down.

In October 2024, core inflation (excluding energy and unprocessed food) was +1.8% (the same as in the previous month) and inflation excluding energy was +1.9% (from +1.7%).

As for Goods, the year on year growth rate was -0.5% (from -0.9% in September) and for Services the annual rate of change was +2.7% (from +2.8%). As a consequence, the inflationary gap between Services and Goods decreased (from +3.7 percentage points in September to +3.2).

The prices of Grocery and unprocessed food increased by 0.9 on monthly basis and by 2.0% on annual basis (up from +1.0% in the previous month).

The zero increase on monthly basis was due to the prices of Regulated energy products (+7.1%), of Unprocessed foods (+2.7%), of Processed food including alcohol (+0.2%) and of Services miscellaneous (+0.4%); whose growth was offset by the decrease of prices of Services related to recreation, including repair and personal care (-1.3%) and of Non-regulated energy products (-0.9%).

In October 2024 the Italian harmonised index of consumer prices (HICP) increased by 0.3% on monthly basis and by 1.0% on annual basis (from +0.7% in the previous month).