Financial News: Italy Inflation Hits 9-Month Low On Cheaper Energy

Italy Inflation Hits 9-Month Low On Cheaper Energy Costs

09/30/2024 - 07:25:00 (RTTNews)

(RTTNews) - Consumer price inflation in Italy eased more-than-expected in September to the lowest level in nine months amid lower energy costs, the latest data from the statistical office showed on Monday.

Consumer price inflation slowed to 0.7 percent in September from 1.1 percent in August. The expected inflation rate was 0.8 percent.

Further, this was the weakest inflation since December 2023, when prices had risen 0.6 percent.

The slowdown in inflation was largely driven by an 8.7 percent fall in energy prices, faster than the 6.1 percent decline in August. Apart from that, lower prices of some types of services, including recreational, cultural, and personal care and transport, also curbed the rise in prices, with the inflation falling to 4.0 percent from 4.5 percent.

On the other hand, costs for unprocessed food products rebounded 0.5 percent after falling 0.5 percent in August.

On a monthly basis, consumer prices dropped 0.2 percent in September, as expected.

Inflation, based on the harmonized index of consumer prices, softened to 0.8 percent in September from 1.2 percent in the previous month. Compared to the previous month, the HICP climbed 1.2 percent.

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