Financial News: Italy Inflation Eases More Than Estimated, Lowest In

Italy Inflation Eases More Than Estimated, Lowest In 28 Months

(RTTNews) - Italy's consumer price inflation eased slightly more than initially estimated in October to the lowest level in nearly two-and-a-half years, final data from the statistical office, ISTAT, showed on Wednesday.

The consumer price index climbed 1.7 percent year-over-year in October, much slower than the 5.3 percent gain in the previous month.

That was just below the 1.8 percent rise seen in the flash report published earlier.

Further, this was the weakest inflation since June 2021, when prices had risen only 1.3 percent.

The drastic drop in the inflation rate is largely due to the trend in the prices of energy goods, a marked deceleration trend due to the statistical effect deriving from the comparison with October 2022, when strong increases in prices in the sector were recorded, the agency said.

Prices for unregulated energy fell 17.7 percent annually in October, and the decline in the regulated section was 31.7 percent.

The yearly price growth in unprocessed food eased to 4.9 percent from 7.7 percent.

On a monthly basis, consumer prices dropped 0.2 percent in October versus a 0.1 percent fall estimated previously.

Core inflation, which excludes energy and fresh food, slowed to 4.2 percent from 4.6 percent in the previous month.

Inflation, based on the harmonised index of consumer prices, stood at 1.8 percent in October, down sharply from 5.6 percent in the previous month. In the initial report, the rate of increase was 1.9 percent.

Month-on-month, the HICP posted an increase of 0.1 percent, revised down from 0.2 percent.

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