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Financial News: Italy Inflation Highest Since March 1984; PPI Rises

Italy Inflation Highest Since March 1984; PPI Rises Sharply

10/28/2022 - 07:57:00 (RTTNews)

(RTTNews) - Italy's consumer price inflation accelerated at a faster-than-expected pace in October to the highest level in more than thirty-eight years, preliminary data from the statistical office showed on Friday.

Producer prices continued its sharp rising trend in September, separate official data revealed.

Consumer price inflation quickened to 11.9 percent in October from 8.9 percent in September. Economists had forecast inflation to rise to 9.6 percent.

A similar rate of inflation was last seen in March 1984, the agency said.

The acceleration in inflation was largely driven by a 73.2 percent surge in prices for energy goods.

Utility costs alone grew 58.8 percent annually in October, and prices for food and non-alcoholic beverages rose 13.5 percent. Transport charges were 8.0 percent more expensive compared to last year.

Excluding energy and fresh food, core inflation rose to 5.3 percent from 5.0 percent.

On a monthly basis, consumer prices moved up 3.5 percent in October versus an expected increase of 1.2 percent.

Inflation, based on the harmonized index of consumer prices, quickened to 12.8 percent in October from 9.4 percent in the previous month. It was forecast to grow by 9.9 percent.

Compared to the previous month, the HICP increased 4.0 percent in July, faster than the 1.4 percent gain expected by economists.

Another report from the statistical office revealed that producer prices surged 41.8 percent annually in September, after a 40.1 percent spike in August. Prices have been rising since February last year.

Prices on the domestic market were 53.0 percent higher in September compared to last year, while those in the foreign market grew 11.9 percent.

On a monthly basis, producer prices rose at a stable rate of 2.8 percent in September.

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