ROME (ITALPRESS) – In December, inflation is stable at +1.3%. In average 2024, trend growth in consumer prices is at 1%, down sharply from +5.7% in 2023. The sharp easing of inflation in the year just ended is mostly attributable to the marked decline in Energy Goods prices (-10.1% from +1.2% in 2023). In foodstuffs, there is also a rapid retrenchment in price dynamics (+2.2% from +9.8%), which nevertheless remains well above the rate of inflation. In 2024, core inflation stands at +2.0% (from +5.1% in 2023). Similar growth is seen for “shopping cart” prices (+2.0% from +9.5% last year). This is according to the Istat consumer price survey for December.
In December, the drag on inflation to 2025 is +0.3 percent. In December 2024, the national consumer price index for the whole community (NIC), before tobacco, is estimated to register an increase of 0.1% over November and 1.3% over December 2023, the same as in the previous month, confirming the preliminary estimate. On average, consumer prices register 1.0 percent growth in 2024 (+5.7 percent in 2023). Net of energy and fresh food (the “core inflation”), consumer prices rise by 2.0% (+5.1% in the previous year) and net of energy alone by 2.1% (+5.3% in 2023).
The stability of inflation underlies contrasting trends of several expenditure aggregates: slowing down are mainly the prices of Unprocessed Food (from +3.8% to +2.3%) and Recreational, Cultural and Personal Care Services (from +3.7% to +3.1%); on the other hand, prices of Regulated Energies accelerate (from +7.4% to +12.7%), while the decline in prices of Unregulated Energies still softens (from -6.6% to -4.2%). In December 2024, “core inflation” excluding energy and fresh food decelerates (from +1.9% to +1.8%), as does “core inflation” excluding only energy goods (from +2.0% to +1.7%). The prices of Food, Household and Personal Care Goods slow on a trend basis from +2.3% to +1.7%, while those of high-frequency goods accelerate slightly (from +1.6% to +1.7%).
The cyclical increase in the overall index reflects, for the most part, growth in the prices of Regulated Energies (+1.5 percent), Services Related to Transportation (+1.4 percent), Services Related to Housing (+0.4 percent), Unregulated Energies and Non-durable Goods (+0.3 percent both). The effects of these increases were only partly offset by decreases in the prices of Unprocessed (-0.7 percent) and Processed (-0.3 percent) Food and Recreational, Cultural and Personal Care Services (-0.2 percent).
The Harmonized Index of Consumer Prices (HICP) increases 0.1 percent over November and 1.4 percent over December 2023 (from +1.5 percent in the previous month), confirming the preliminary estimate. Its average annual change in 2024 is +1.1% (+5.9% in 2023). The national consumer price index for blue- and white-collar households (FOI), excluding tobacco, increases by 0.1 percent over November and 1.1 percent over December 2023. On average for the year, the change in the FOI index, net of tobacco, is +0.8% (it was +5.4% in 2023). In 2024, inflation, as measured by the HICP, for households with lower spending capacity is +0.1%, compared with +1.6% recorded for those with higher spending capacity.
– Photo Agency Photogram –
(ITALPRESS).
