Italian inflation rate sees slight increase in January 2024

04 Feb '24

1 min read

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Insights

In January 2024, Italy's consumer price index (NIC) rose by 0.3 per cent monthly and 0.8 per cent annually, as per Istat.
Core inflation was 2.8 per cent, with inflation excluding energy at 3.1 per cent.
The country's goods sector saw a decline of 0.8 per cent YoY.
The HICP dropped 1.1 per cent monthly but increased 0.9 per cent annually.

The Italian consumer price index for the whole nation (NIC) experienced a modest increase in January 2024, according to the latest preliminary estimates from the Italian National Institute of Statistics (Istat). The data indicates a 0.3 per cent rise on a monthly basis and a 0.8 per cent increase compared to January 2023, marking an uptick from the previous month's year-on-year (YoY) growth of 0.6 per cent.

Core inflation, which excludes volatile components such as energy and unprocessed food, was reported at 2.8 per cent, down from 3.1 per cent in the preceding month. Furthermore, when excluding energy alone, inflation stood at 3.1 per cent, a decrease from 3.4 per cent in the previous month.

The goods sector experienced a YoY decline of 0.8 per cent, showing some improvement from a 1.5 per cent decrease recorded in December, as per Istat.

Additionally, the Italian harmonized index of consumer prices (HICP) saw a monthly decrease of 1.1 per cent in January 2024. On an annual basis, the HICP recorded a 0.9 per cent increase, showing a slight improvement from the 0.5 per cent growth observed in December.

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