Italy: Inflation picks up in May
May 31, 2013
In May, consumer prices rose 0.1% over the previous month, inching up from the flat reading recorded in April. Higher prices for food and non-alcoholic beverages as well as for restaurants and hotels more than offset lower prices for transport as well as for recreation and culture. Meanwhile, annual inflation rose from 1.1% in April to 1.2% in May, marking the first pick-up in the last eight month.
The core inflation index, which excludes more volatile categories such as unprocessed food and energy, also rose 0.1% over the previous month, which was down from a 0.2% rise in April. Annual core inflation rose from 1.2% in April to 1.3% in May. Finally, annual HICP inflation averaged 2.5% in May, which was down from the 2.7% recorded in April.
FocusEconomics Consensus Forecast panellists expect inflation to average 2.1% in 2013, which is unchanged from the previous month's projection. For 2014, panellists expect inflation to average 1.8%.
Author: Armando Ciccarelli, Head of Data Solutions