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Financial News: Italy Inflation Accelerates More Than Expected

Italy Inflation Accelerates More Than Expected

08/31/2022 - 07:33:00 (RTTNews)

(RTTNews) - Italy's consumer price inflation accelerated more-than-expected in August, preliminary data from the statistical office showed on Wednesday.

The consumer price index climbed 8.4 percent year-over-year in August, following a 7.9 percent rise in July. That was also above the 8.1 percent increase expected by economists.

Prices for energy alone grew 44.9 percent annually in August and those for processed food goods rose 10.5 percent.

Excluding energy and fresh food, core inflation accelerated to 4.4 percent from 4.1 percent.

On a monthly basis, consumer prices moved up 0.8 percent in July versus an expected increase of 0.6 percent.

Inflation, based on the harmonized index of consumer prices, quickened to 9.0 percent in August from 8.4 percent in the previous month. It was forecast to ease slightly to 8.3 percent.

Compared to the previous month, the HICP rose 0.8 percent in August, faster than the 0.1 percent increase expected by economists.

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