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Financial News: Italy's Inflation Slows, GDP Growth Revised Down

Italy's Inflation Slows, GDP Growth Revised Down

05/31/2019 - 08:31:00 (RTTNews)

(RTTNews) - Italy's consumer price inflation slowed in May largely reflecting slowdown in transport cost, flash estimate from the statistical office Istat showed Friday.

Another report from Istat showed that the economy exited recession in the first quarter but the pace of growth was slower than previously estimated on April 30.

Consumer price inflation fell to 0.9 percent in May from 1.1 percent in April. The rate was forecast to slow moderately to 1 percent.

EU harmonized inflation also slowed in May, to 0.9 percent from 1.1 percent. The expected rate was 1 percent.

Transport cost advanced 1.6 percent after gaining 2.8 percent and energy product prices moved up 2.4 percent after rising 3.7 percent.

On a monthly basis, both the consumer price index and the harmonized index of consumer prices gained 0.1 percent, each. Economists had forecast the CPI to climb 0.2 percent and the HICP to rise 0.6 percent.

Gross domestic product grew 0.1 percent sequentially after contracting for two straight quarters, revised data showed. The rate was revised down from 0.2 percent. GDP had shrunk 0.1 percent each in the fourth and third quarters of 2018.

On a yearly basis, the economy contracted by revised 0.1 percent after staying flat a quarter ago. According to initial estimate, GDP was up 0.1 percent.

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