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Financial News: Italy Inflation Eases Unexpectedly; PPI Rises Sharply

Italy Inflation Eases Unexpectedly; PPI Rises Sharply

07/29/2022 - 09:25:00 (RTTNews)

(RTTNews) - Italy's consumer price inflation eased unexpectedly in July, though marginally, preliminary data from the statistical office showed on Friday.

Producer prices continued to rise sharply in June, but the pace of expansion has slowed since May, separate official data revealed.

Consumer price inflation slowed to 7.9 percent in July from 8.0 percent in June. Economists had forecast inflation to rise slightly to 8.1 percent.

Prices for energy alone grew 42.9 percent annually in July and those for processed food goods rose 9.6 percent.

Excluding energy and fresh food, core inflation accelerated to 4.1 percent from 3.8 percent.

On a monthly basis, consumer prices moved up 0.4 percent in July versus an expected increase of 0.6 percent.

Inflation, based on the harmonized index of consumer prices, moderated to 8.4 percent in July from 8.5 percent in the previous month. It was forecast to grow by 8.8 percent.

Compared to the previous month, the HICP dropped 1.1 percent in July, faster than the 0.9 percent fall expected by economists.

Another report from the statistical office revealed that producer prices climbed 34.1 percent annually in June, slightly slower than the 34.6 percent surge in May.

Prices on the domestic market were 41.9 percent higher in June compared to last year, while those in the foreign market grew 13.9 percent.

On a monthly basis, producer prices increased 1.0 percent in June, following a 0.6 percent rise in the prior month.

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