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Financial News: Italy Inflation Rises Slightly To 0.8%, Less Than

Italy Inflation Rises Slightly To 0.8%, Less Than Forecast

02/01/2024 - 07:11:00 (RTTNews)

(RTTNews) - Italy's consumer price inflation increased for the first time in nine months in January, though at a slower-than-expected rate, preliminary data from the statistical office, ISTAT, showed on Thursday.

The consumer price index rose 0.8 percent year-over-year in January, slightly slower than the 0.6 percent gain in the previous month, which was the slowest inflation rate since February 2021.

That was slower than the increase of 1.1 percent that economists had predicted.

The increase in inflation was mainly due to the 4.3 percent rise in transport-related services versus a 3.7 percent gain a month ago.

The annual price growth for unprocessed food products accelerated to 7.5 percent from 7.0 percent.

Core inflation, which excludes energy and fresh food, slowed to 2.8 percent from 3.1 percent in the previous month.

The decline in regulated energy products softened to 21.4 percent from 41.6 percent.

On a monthly basis, consumer prices moved up 0.3 percent in January, versus an expected increase of 1.0 percent.

Inflation, based on the harmonised index of consumer prices, stood at 0.9 percent in January, up from 0.5 percent in December. Month-on-month, the HICP posted a decline of 1.1 percent.

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