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Financial News: Italy Inflation Eases Slightly In December On Energy

Italy Inflation Eases Slightly In December On Energy Prices Slowdown

01/05/2023 - 07:39:00 (RTTNews)

(RTTNews) - Italy's consumer price inflation eased slightly in December from a more than thirty-eight year high in November, primarily due to a moderation in the price growth of energy, preliminary data from the statistical office showed on Thursday.

Consumer price inflation eased to 11.6 percent in December from a revised 11.8 percent in November, which was the strongest since March 1984. That was also in line with economists' forecasts.

The overall strong inflation in December was largely driven by a 64.7 percent surge in prices for energy goods. In November, energy prices had grown 67.6 percent. 

Utility costs alone climbed 54.5 percent annually in December, and prices for food and non-alcoholic beverages rose 13.1 percent. Transport charges were 6.2 percent more expensive compared to last year.

Excluding energy and fresh food, core inflation accelerated to 5.8 percent from 5.6 percent.

EU harmonized inflation also eased to 12.3 percent in December from 12.6 percent in the previous month, as expected.

On a monthly basis, the harmonized index of consumer prices edged up 0.2 percent, in line with expectations. The consumer price index increased 0.3 percent versus an expected rise of 0.1 percent.

In 2022, consumer prices recorded an average annual growth of 8.1 percent, marking the largest increase since 1985, mainly due to the trend in the prices of energy goods, the statistical office said.

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