The slowdown in annual inflation was attributed primarily to the reduction in prices of durable goods (from 4.6 per cent to 4 per cent), followed by non-durable goods (from 5.2 per cent to 4.7 per cent), and semi-durable goods (from 2.9 per cent to 2.4 per cent). Conversely, prices of non-regulated energy products accelerated from 5.7 per cent to 7.6 per cent, while those of regulated energy products improved from minus 29.6 per cent to minus 27.9 per cent.

In terms of core inflation, which excludes energy and unprocessed food, the rate stood at 4.6 per cent, down from 4.8 per cent in August. The all-items index, excluding energy, was recorded at 4.8 per cent, down from 5.0 per cent the previous month, as per Istat.

Goods experienced a year-on-year growth rate of 6 per cent, down from 6.3 per cent in August. The month-on-month increase in the NIC was primarily due to a rise in the prices of regulated energy products (2.4 per cent) and non-regulated energy products (1.6 per cent).

Moreover, the Italian harmonised index of consumer prices (HICP) rose by 1.7 per cent on a monthly basis, partly driven by the end of summer sales in clothing and footwear, and by 5.6 per cent on an annual basis, up from 5.5 per cent in the previous month. The flash estimate was 5.7 per cent.

The data for the third quarter of 2023 shows that inflation measured by the HICP had a more significant impact on households with the lowest level of equivalent expenditure (6.7 per cent) compared to those with higher levels of expenditure (5.6 per cent).

Fibre2Fashion News Desk (DP)