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Italy sees decline in annual inflation to 1.7% in October 2023

16 Nov '23
2 min read
Pic: Adobe Stock/amazing studio
Pic: Adobe Stock/amazing studio

Insights

  • In October 2023, Italy's consumer price index (NIC) fell -0.2 per cent monthly and slowed to 1.7 per cent annually.
  • This was mainly due to drops in non-regulated and regulated energy product prices.
  • Core inflation stood at 4.2 per cent, down from 4.6 per cent.
  • The HICP showed a minor monthly rise of 0.1 per cent and an annual increase of 1.8 per cent.
In October 2023, the rate of change of the Italian consumer price index for the whole nation (NIC) was -0.2 per cent on a monthly basis and 1.7 per cent on an annual basis—from 5.3 per cent in September; the flash estimate was 1.8 per cent.

The slowdown of the annual inflation rate was due to the prices of non-regulated energy products—from 7.6 per cent to -17.7 per cent, of regulated energy products—from -27.9 per cent to -31.7 per cent, the Italian National Institute of Statistics (ISTAT) said in a press release.

The core inflation (all-items excluding energy and unprocessed food) was 4.2 per cent—down from 4.6 per cent in September and the all-items index excluding energy was 4.2 per cent—from 4.8 per cent in the previous month. As for goods, the year-on-year growth rate was zero—from 6.0 per cent.

The month-on-month decrease of NIC was mainly due to the prices of non-regulated energy products at -1.9 per cent. At the same time, the prices of regulated energy products at 13.8 per cent have increased.

In October 2023 the Italian harmonised index of consumer prices (HICP) increased by 0.1 per cent on a monthly basis and by 1.8 per cent on an annual basis—down from 5.6 per cent in the previous month; the flash estimate was 1.9 per cent.

Fibre2Fashion News Desk (NB)

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