Italy Inflation July 2016


Italy: Annual drop in consumer prices softens in July

According to revised data released by the Italian Statistical Institute (ISTAT), consumer prices grew 0.2% over the previous month in July, which was slightly up from June’s 0.1% growth. The figure was due mainly to an increase in prices for transport and for services related to recreation and culture. Consumer prices dropped 0.1% in July on an annual basis, which was up from June’s 0.4% fall and marked the highest reading in six months.

Core consumer prices, which exclude more volatile categories such as unprocessed food and energy, grew 0.4% in July on a monthly basis, which was up from June’s flat reading and marked the highest result in eleven months. Core inflation was 0.6% in July (June: 0.5%). Finally, harmonized consumer prices fell a revised 0.2% over the same month last year (previously reported: -0.1% year-on-year), which was in line with June’s reading.

FocusEconomics Consensus Forecast panelists expect inflation to average 0.1% in 2016, which is down 0.1 percentage points from last month’s projection. For 2017, panelists expect inflation to average 1.2%.

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Italy Inflation Chart

Italy Inflation July 2016 4

Note: Year-on-year and month-on-month var. of consumer price index in %.
Source: National Statistical Institute (Istat).

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