Consumer prices (provisional data) - January 2025

According to preliminary estimates, in January 2025 the Italian consumer price index for the whole nation (NIC) was +0.6% compared with the previous month and +1.5% on annual basis (from +1.3% in December 2024).

The increase of the growth on annual basis of All-item index was mainly due to the prices of Regulated energy products (from +12.7% to +27.8%), of Non-regulated energy products (from -4.2% to -3.0%) and, to a lesser extent, of Processed food including alcohol (from +1.7% to +2.0%). On the contrary, the prices of Services related to transport (from +3.6% to +2.5%) and of Services related to communication (from +1.2% to +0.9%) slowed down.

In January 2025, core inflation (excluding energy and unprocessed food) was stable at +1.8% and inflation excluding energy was +1.8% (from +1.7%).

As for Goods, the year on year growth rate was +0.7% (from +0.2% in December) and for Services the annual rate of change was +2.6% (the same as the previous month). As a consequence, the inflationary gap between Services and Goods decreased (from +2.4 percentage points in December to +1.9).

The prices of Grocery and unprocessed food increased by 0.9 on monthly basis and by 1.8% on annual basis (up from +1.7% in the previous month).

The increase on monthly basis of NIC was mainly due to the prices of Regulated energy products (+14.5%), of Non-regulated energy products (+2.6%), of Processed food including alcohol (+1.2%), of Unprocessed foods (+0.9%) and of Durable goods (+0.5%); whose growth was offset by the decrease of prices of Services related to transport (-2.3%).

In January 2025, according to preliminary estimates, the Italian harmonised index of consumer prices (HICP) decreased by 0.7% on monthly basis, due to the winter sales not considered by NIC, and increased by 1.7% on annual basis (from +1.4% in December).