Italy Inflation May 2016


Italy: Annual drop in consumer prices softens in May

June 14, 2016

According to revised data released by the Italian Statistical Institute (ISTAT), consumer prices grew 0.3% over the previous month in May, which contrasted April’s 0.1% drop and marked the highest reading since February 2015. Revised data confirmed the provisional figures. The result slightly overshot market expectations of a 0.2% increase. An increase in the prices for food and non-regulated energy products were primarily behind the result. Consumer prices dropped 0.3% in May on an annual basis, which was up from April’s 0.5% fall.

Core consumer prices, which exclude more volatile categories such as unprocessed food and energy, increased 0.2% on a monthly basis in May, which was in line with April’s result and confirmed provisional data. Core inflation was 0.6% in May (April: 0.5%). Finally, harmonized consumer prices fell 0.3% over the same month last year, which was marginally up from April’s 0.4% decline.

FocusEconomics Consensus Forecast panelists expect HICP inflation to average 0.2% in 2016, which is unchanged from last month’s projection. For 2017, panelists expect inflation to average 1.2%.

Author: Massimo Bassetti, Economist

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