Italy Inflation October 2016


Italy: Annual variation in consumer prices turns negative in October

According to revised data released by the Italian Statistical Institute (ISTAT), consumer prices fell 0.1% from the previous month in October (previously reported: 0.0% month-on-month), following September’s 0.2% drop. The figure mainly reflected a decrease in prices for transport and for accommodation and restaurants. Consumer prices fell 0.2% in October on an annual basis (previously reported: -0.1% year-on-year), swinging from September’s 0.1% increase, which had marked the first positive result after seven straight months of price falls.

Core consumer prices, which exclude more volatile categories such as unprocessed food and energy, dropped 0.2% on a monthly basis in October, which represented a softer drop than September’s 0.3% decrease. Core inflation was 0.2% in October (September: 0.5%), marking the lowest reading on record. Finally, harmonized consumer prices declined 0.1% from the same month last year, which contrasted September’s 0.1% increase.

FocusEconomics Consensus Forecast panelists expect inflation to stay flat in 2016, which is unchanged from last month’s projection. For 2017, panelists expect inflation to average 1.0%, which is also unchanged from last month’s projection.

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Italy Inflation Chart

Italy Inflation October 2016 0

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

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