Italy Inflation July 2017


Italy: Inflation continues to drop in July

August 11, 2017

According to revised data released by the National Statistical Institute (Istat), consumer prices increased 0.1% on a monthly basis in July, contrasting June’s 0.1% decrease. The monthly figure was influenced by seasonal factors as it mainly reflected higher prices for services related to transport and recreation, including repair and personal care, which more than offset lower prices for food and alcoholic beverages and energy. Meanwhile, inflation dropped for the third consecutive month and came in at a six-month low of 1.1% in July, decelerating further from June’s 1.2% print, mainly due to weaker annual growth in prices for energy and transport.

Core consumer prices, which exclude more volatile categories such as unprocessed food and energy, rose 0.3% in July on a monthly basis, up from June’s 0.2% increase. Core inflation was 0.8% in July, marginally below June’s 0.9%. Finally, harmonized inflation came in at 1.2%, matching June’s reading.

FocusEconomics Consensus Forecast panelists expect inflation of 1.0% in 2017, which is up 0.1 percentage points from last month’s projection. For 2018, panelists expect inflation to average 1.2%.

Author: Massimo Bassetti, Economist

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Italy Inflation Chart

Italy Inflation July 2017 1

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

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