Inflation remains stable. This was communicated by Istat which specifies that in the month of January the national consumer price index for the whole community, gross of tobacco, marked a growth of 0,7% compared to the same month in 2013, registering the same figure as in December. Compared to the previous month, the index increased by 0,2%.
The monthly increase is due both to seasonal factors, which explain the growth in the prices of fresh vegetables (+4,6%), and to the cyclical increases of most other types of goods and services; mitigating this increase is the monthly drop in the prices of services relating to transport (-0,6%), which are also influenced by seasonal factors.
Core inflation rose slightly, net of unprocessed food and energy goods, to 1,0% against 0,9% in December. Net of energy goods alone, the figure remains stable at 1,0%. The inflation acquired for 2014 is equal to 0,2%.
The tendential growth rate of goods prices drops to 0,3%, from 0,4% in December, while that of services prices rises to 1,1% (it was +1,0% in the previous month), causing the widening of the inflationary differential between services and goods. The prices of food, home and personal care products grew by 0,3% on a monthly basis and by 1,3% on an annual basis (it was +1,7% in December).
Also according to Istat, in January the harmonized index of consumer prices (HICP) decreased by 2,1% on a monthly basis and grew by 0,6% on an annual basis, with a slowdown of one tenth of a percentage point compared to December (+0,7%).
The cyclical downturn is largely due to the winter sales of clothing and footwear, which the Nic index does not take into account. The so-called shopping cart, on the other hand, remains stable in January. The prices of frequently purchased products recorded an economic increase of 0,4% and grew by 1,2% on a trend basis (the same value recorded in December).
