Italy Inflation October 2019


Italy: Inflation at close to three-year low in October

November 15, 2019

Consumer prices fell a revised 0.1% month-on-month in October (previously reported: 0.0% month-on-month), following September’s 0.6% slump, according to revised data released by the National Statistical Institute (ISTAT) on 15 November. The figure mainly reflected lower prices for services related to transport and recreation—influenced by seasonal factors—more than offsetting higher prices for regulated and non-regulated energy products. Meanwhile, inflation came in at a revised 0.2% in October (previously reported: 0.3%), 0.1 percentage points lower than September’s print and the lowest reading since November 2016.

Core consumer prices, which exclude more volatile categories such as unprocessed food and energy, dropped 0.3% from the previous month in October, a softer fall than September’s 0.6% decrease. Meanwhile, core inflation inched up from September’s 0.6% to 0.7%, while harmonized inflation was stable at 0.2%.

The Central Bank expects harmonized inflation of 0.9% in 2020 and 1.4% in 2021. FocusEconomics panelists also expect harmonized inflation to average 0.9% in 2020, which is down 0.1 percentage points from the previous month’s projection. For 2021, panelists expect harmonized inflation to average 1.2%.

Author: Massimo Bassetti, Economist

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Italy Inflation Chart

Italy Inflation October 2019 0

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

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