Financial News: Italy Inflation Eases More Than Expected; Jobless Rate

Italy Inflation Eases More Than Expected; Jobless Rate Lowest Since March 2008

08/30/2024 - 07:42:00 (RTTNews)

(RTTNews) - Consumer price inflation in Italy showed a slight decline in August from a 9-month high in the previous month, preliminary data from the statistical office showed on Friday.

The unemployment rate dropped to the lowest level in more than sixteen years, separate official data revealed.

Consumer price inflation slowed to 1.1 percent in August from 1.3 percent in July. That was slightly below the 1.2 percent rise expected by economists.

Prices for non-regulated energy products declined at a faster pace of 8.6 percent annually in August versus a 6.0 percent fall a month ago. Costs for durable goods were 1.8 percent cheaper, which was also a reason for a slowdown in inflation.

On the other hand, the annul price growth in regulated energy goods accelerated to 14.0 percent from 11.7 percent.

On a monthly basis, consumer prices moved up 0.2 percent in August versus an expected increase of 0.3 percent.

Inflation, based on the harmonized index of consumer prices, decelerated to 1.3 percent in August from 1.6 percent in the previous month. Monthly, the HICP edged down 0.1 percent.

The jobless rate came in at 6.5 percent in July, down from 6.9 percent in June. Moreover, this was the lowest jobless rate since March 2008, when it was 6.4 percent. Meanwhile, employment rate rose marginally to 62.3 percent from 62.2 percent.

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