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Financial News: Italy Inflation Rises To 37-Year High As Estimated

Italy Inflation Rises To 37-Year High As Estimated

09/16/2022 - 07:22:00 (RTTNews)

(RTTNews) - Italy consumer price inflation hit a 37-year high in August, as initially estimated, on surging energy prices, final data from Istat showed Friday.

Consumer price inflation rose to 8.4 percent in August, the strongest since December 1985, from 7.9 percent in July. The initial estimate was confirmed.

However, the statistical office raised the annual increase in the harmonized index of consumer prices to 9.1 percent from 9.0 percent. The rate was above July's 8.4 percent rise.

Energy prices surged 44.9 percent from the last year. At the same time, cost of goods increased 11.8 percent and that of services moved up 3.8 percent.

Core inflation that excludes energy and unprocessed food advanced to 4.4 percent from 4.1 percent in July, data showed.

Month-on-month, consumer price inflation doubled to 0.8 percent from 0.4 percent in July. The rate came in line with the flash estimate.

The harmonized index of consumer prices rose 0.9 percent in August, reversing a 1.1 percent drop in July and slightly above the flash 0.8 percent.

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