Press Release: Inflation in Italy – December 2023

According to the latest estimates from the National Institute of Statistics (ISTAT), the National Consumer Price Index (NIC), excluding tobacco, increased by 0.2% on a monthly basis and 0.6% annually in December 2023. These figures confirm preliminary estimates and mark a slowdown from the previous month’s 0.7%.

Key Highlights:

  • Annual Variation: Over the entire 2023, the average inflation stands at 5.7%, down from the 8.1% recorded in 2022. Excluding fresh food and energy (core inflation), prices grew by 5.1%.
  • Driving Sectors: The inflation slowdown is mainly attributed to regulated energy prices, recreational and cultural services, and processed foods.
  • Inflation Support: Factors contributing to inflation include the easing decline in prices of unregulated energy and the acceleration in prices of non-processed foods.
  • December 2023: Core inflation decelerates to 3.1%, while inflation excluding only energy items settles at 3.4%.
  • Cyclical Effects: The monthly increase is driven by transport-related services, non-processed food items, and non-durable goods.
  • Impact on Families: In 2023, inflation disproportionately affects families with lower spending capacity, showing a 6.5% increase compared to 5.7% for those with higher capacity.