Consumer prices Sept. 2011

According to Istat, in September, the national index of consumer prices for the entire community (NIC), including tobacco, records no variation on conjunctural basis and an increase of 3.0% on a trend basis (the provisional estimate was 3.1%), with an acceleration of two tenths of a percentage point compared to August 2011 (+2.8%). Inflation for 2011 has reached 2.6%. Core inflation, calculated excluding energy and fresh food, rose to 2.4% from 2.2% in August. Excluding energy goods alone, the trend growth rate of consumer price index is 2.3% (it was 2.1% in August). The trend growth of prices of goods rose to 3.3% from 2.9% in August and the prices of services rose to 2.7% (+2.5% in August). As a result of these developments, the inflation differential between goods and services increased by two tenths of a percentage point from August. In September, there was a trend of acceleration in the growth of consumer prices in most divisions of expenditure, with particular reference to goods and services for Recreation and culture, accommodation and catering services, clothing and footwear and other goods and services. High growth rates of prices, but stable compared to the figure recorded in August, concern energy goods. The prices of most frequently purchased products increased by 0.3% on a monthly basis and by 3.7% on an annual basis (in August it was +3.6%). Products with an average frequency of purchase mark a conjunctural downturn by 0.4%, while its trend growth rate rises to 3.1% from 2.8% in August. The Harmonised Index of Consumer Prices (HICP) increased by 2.0% on a monthly basis and 3.6% on an annual basis (the provisional estimate was +3.5%), a marked acceleration compared to August 2011 (+ 2.3%). The strong conjunctural variation is largely due to the disappearance of seasonal sales. The national index of consumer prices for the families of workers and employees (FOI), net of tobacco, records no conjunctural variation and an increase of 3.0% compared to September 2010.

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