Italy: Inflation jumps in May
According to revised data released by the National Statistical Institute (ISTAT) on 15 June, consumer prices rose a revised 0.3% on a monthly basis in May (previously reported: +0.4% month-on-month) up from a 0.1% increase in April. The figure mainly reflected higher prices for food and non-alcoholic beverages, transport—mainly affected by higher non-regulated energy prices—and accommodation and food services. These increases were partially offset by lower prices for communications and culture. Meanwhile, inflation came in at a revised 1.0% in May (previously reported: 1.1%), above the previous month’s 0.5% print and the highest figure in seven months.
Core consumer prices, which exclude more volatile categories such as unprocessed food and energy, grew 0.1% in May month-on-month, below April’s 0.4% rise. Meanwhile, core inflation was 0.8% in May, up from April’s 0.5%. Finally, harmonized inflation came in at 1.0% (April: 0.6%).