Italy Inflation January 2020


Italy: Inflation inches up in January

February 4, 2020

Consumer prices rose 0.2% month-on-month in January, matching December’s increase, according to preliminary data released by the National Statistical Institute (ISTAT) on 4 February. The figure mainly reflected higher prices for food and non-alcoholic beverages and alcoholic beverages and tobacco, which more than offset lower prices for recreation and culture—influenced by seasonal factors. Meanwhile, inflation accelerated from 0.5% in December to 0.6% in the first month of the year.

Core consumer prices, which exclude more volatile categories such as unprocessed food and energy, increased 0.2% from the previous month in January, mirroring December’s uptick. Meanwhile, core inflation accelerated from December’s 0.7% to 0.8%, while harmonized inflation was stable at December’s 0.5% in January.

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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