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Italy Inflation July 2023

Italy: Harmonized inflation falls to over one-year low in July

Harmonized inflation eased to 6.3% in July, following June’s 6.7%. July’s reading represented the weakest inflation rate since April 2022. The decline was broad-based, with reduced price pressures recorded for food and non-alcoholic beverages, transportation, and housing and utilities. Moreover, prices for recreation grew at a more subdued pace.

In addition, the trend pointed down slightly, with annual average harmonized inflation coming in at 9.5% in July (June: 9.6%). Meanwhile, consumer price inflation fell to 5.9% in July, from the previous month’s 6.4%.

Finally, harmonized consumer prices dropped 1.51% over the previous month in July, below the flat result seen in June. July’s result marked the weakest reading since January 2020.

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