The slowdown of inflation was mainly due to the extension of the decrease on annual basis of prices of Regulated energy products, whereas the contributions of some other groups of products were minor.
The annual rate of change of prices of Goods was -0.6% (from -0.3% in June 2014) and the annual rate of change of prices of Services was +0.7% (down from +0.8% in the previous month). As a consequence, the inflationary gap between Services and Goods increased by 0.2 percentage points with respect to June 2014. Prices of grocery and unprocessed food declined by 0.6 percent.
On a month-over-month basis, the consumer price index declined by 0.1 percent in July of 2014, confirming the preliminary estimates. The decrease of all items index was mainly due to the decline of prices of fresh fruit (-9.0 percent) and fresh vegetables (-3.8 percent) and of prices of regulated energy products (-3.1 percent); this decline was partially balanced by the monthly increases of prices of non-regulated energy products (+0.8 percent) and of services related to transport (+1.5 percent), also the latter mainly due to seasonal factors.
Excluding unprocessed food (whose decline on annual basis was stable at -2.9%) and energy, core inflation was 0.6% (0.1 lower than in June 2014); excluding only energy, the inflation was 0.3% (down from 0.5% in June 2014).
The harmonized index of consumer prices decreased by 2.1 percent month-on-month because of the summer sales of clothing and footwear, not taken into account in the national NIC - and registered an annual rate of change equal to zero (from +0.2 in June 2014). Also in this case, final data confirm the preliminary ones.