Italy Inflation Rate Confirmed at 0.3% in January
Consumer prices increased by 0.3 percent year-on-year in January of 2016, following a 0.1 percent growth in the previous month and matching preliminary estimates. The speed up was mainly due to the reduction of the annual decrease of prices of nonregulated energy products (-5.9 percent from -8.7 percent in December 2015) and rise of services related to transport (+0.5 percent, from -1.7 percent in December 2015).These dynamics were partially offset by the slowdown of the annual growth of prices of unprocessed food (+0.6 percent, from +2.3 percent in the previous month).
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The upward pressure came from: food and non-alcoholic beverages (+0.4 percent), restaurants and hotels (+1.0 percent), furnishings (+0.4 percent) and recreation and culture (+1.3 percent). Contrarily, cost of transportation (-1.1 percent) and housing, water, electricity, gas and other fuels (-0.5 percent) fell.
Annual core inflation rate (excluding energy and unprocessed food) was recorded at 0.8 percent, up from 0.6 percent in the previous month.
On a monthly basis, consumer prices dropped by 0.2 percent, after showing no growth in December, mainly due to lower prices of energy goods (-2.4 percent), unprocessed food (-0.5 percent) while prices of various services (+0.2 percent) and ervices related to housing (+0.2 percent) rose the most.
Harmonised consumer prices increased by 0.4 percent year-on-year but declined by 2.2 percent on a monthly basis.