In September, the rate of change of the Italian CPI for the whole nation (NIC) changed by -0.2%  MoM and by +2.5% YoY (from +2.0% in August); the flash estimate was +2.6%.

Energy prices accounted for the majority of the increase in annual growth for the all-item index (from +19.8% in August to +20.2%), for both regulated (from +34.4% to +34.3%) and non-regulated (from +12.8% to +13.3%) energy products. The MoM acceleration of inflation was also due to increases in the prices of food including alcohol (from +0.7% to +1.0%), durable goods (from +0.5% to +1.0%), transportation Services (from -0.4% to +2.0%), and recreational services, including repair and personal care (from +1.5% to +1.8%).

Core inflation (excluding energy and unprocessed food) increased from +0.6% to 1.0%, and inflation (excluding energy) increased from +0.5% to +1.1%.

The MoM decrease was the result of prices of services related to transportation (-3.1%) and services related to recreation, including repair and personal care (-0.5%), which were largely affected by seasonal factors and were only partially offset by price increases in unprocessed food (+0.8%).

The monthly rate of change of grocery and unprocessed food prices was -0.1%, and the annual rate was +0.9%, up from +0.6% the previous month.

The rate of change of the HICP increased by +1.3% MoM and by +2.9% YoY (from +2.5% in August); the flash estimate was +3.0%. The HICP's different dynamics from the NIC were due to the end of summer sales, which were not taken into account by the NIC.