Year-on-year inflation in Italy in July was revised to 5.9%, thanks to temporary price stability that allowed it to fall below 6% for the first time since April 2022, the Italian INE (Istat) announced on Thursday. .
The preliminary forecast pointed to 6%, after a rate of 6.4% in June.
The Italian institute adds that in addition to this decrease, core inflation (energy and food) slowed down to 5.2%, while that of the products included in the shopping basket fell for the fifth consecutive month and stood at 10.2% in July, compared to the same month last year.
“The inflation dynamics, still strongly influenced by the evolution of energy prices, also reflects the decelerating trend in the prices of processed food products (which, however, continue to grow relatively steadily) and services,” explained Istat.
The year-on-year slowdown in the inflation rate is mainly due to the slowdown in the prices of transport-related services, which went from 4.7% to 2.4%, of non-regulated energy goods, which went from 8, 4% to 2.4% .% to 7.0% and, to a lesser extent, processed food products, which rose from 11.5% to 10.5%.
Core inflation, which excludes energy and fresh food products, slowed further from 5.6% in June to 5.2%, as did inflation excluding only energy products (from 5.8% in June at 5.5%).
The Harmonized Index of Consumer Prices (HICP) -which measures the evolution of prices with the same method in all the countries of the euro zone- decreased by 1.56% compared to June due to the summer sales and by 6. 3% compared to June of the same month of 2022.
The inflation forecast in Italy for 2023 is 5.6%, while core inflation drops to 5.1%.
Source: TSF
