Italy: Inflation picks up in June
July 12, 2013
According to final data on consumer prices, prices rose 0.3% over the previous month in June. The reading was in line with the 0.3% June preliminary estimate and was above the revised flat reading recorded in May. The increase was mainly due to higher prices for food and non-alcoholic beverages as well as for transport.
Meanwhile, annual inflation rose from a revised 1.1% in May (previously reported: +1.2%) to 1.2% in June. The core inflation index, which excludes more volatile categories such as unprocessed food and energy, increased 0.2% over the previous month, which was up from a 0.1% rise in May. Despite the monthly increase, annual core inflation was unchanged at May's 1.3%. Finally, annual HICP inflation averaged 2.4% in June, which was down from the 2.5% recorded in May.
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%.