In June 2017, the Italian consumer price index for the whole nation (NIC) decreased by 0.1% on monthly basis and increased by 1.2% compared with June 2016, down from +1.4% in May 2017. The flash estimate was confirmed.

In June, the lower growth of the annual rate of change of All items index was mainly due to the prices of Unprocessed food (+1.4%, from +3.8% in May) and Non-regulated energy products (+2.9%, from +6.8% in the previous month), partly offset by the increase of the prices of Services related to transport (+4.1% from +3.2% in May).

Therefore, excluding energy and unprocessed food, core inflation increased by +0.9% (0.2 percentage points higher than in May), while inflation excluding energy was +0.9% (0.1 percentage points lower than in the previous month).

The annual rate of change of prices of Goods was +0.9% (down from +1.6% in May) and that one of prices of Services was +1.5% (up from +1.4%). As a consequence, the inflationary gap between Services and Goods was positive again (+0.6 percentage points).