Financial News: Italy Inflation Remains Stable As Estimated; Retail Sales

Italy Inflation Remains Stable As Estimated; Retail Sales Fall Unexpectedly

03/15/2024 - 06:36:00 (RTTNews)

(RTTNews) - Italy's consumer price inflation held steady as initially estimated in February, the latest data from the statistical office, ISTAT, showed on Friday.

Separate official data showed that retail sales declined for the second straight month in January, defying economists' forecast for a rebound.

The consumer price index rose 0.8 percent year-over-year in February, the same as in the previous month. That was in line with the flash data published on March 1.

The annual price growth for unprocessed food products eased to 4.4 percent from 7.5 percent.

Core inflation, which excludes energy and fresh food, slowed to 2.3 percent from 2.7 percent in the previous month.

Both regulated and non-regulated energy product prices declined 17.2 percent and 18.4 percent, respectively.

On a monthly basis, consumer prices edged up by 0.1 percent, as estimated.

Inflation, based on the harmonized index of consumer prices, stood at 0.8 percent in February, down slightly from 0.9 percent in January. In the initial report, the inflation rate was 0.9 percent. Month-on-month, the HICP remained flat.

Retail sales in the country dropped 0.1 percent month-on-month in January, following a 0.2 percent decrease in December. Meanwhile, sales were expected to increase by 0.2 percent.

The sales value of food items remained unchanged over the month, while that of non-food items dropped by 0.1 percent.

Year-on-year, retail sales value growth improved to 1.0 percent from 0.2 percent in December.

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