Italy: Inflation rises to an over one-year high in August
According to revised data released by the National Statistical Institute (ISTAT) on 14 September, consumer prices increased a revised 0.4% month-on-month in August (previously reported: +0.5% month-on-month), up from July’s 0.3% rise. The figure was primarily driven by higher prices for services related to transport due to seasonal factors, which were partially offset by lower prices for restaurants and hotels. Meanwhile, inflation came in at a revised 1.6% in August (previously reported: 1.7%), marginally up from 1.5% in July and the highest figure since April 2017.
Core consumer prices, which exclude more volatile categories such as unprocessed food and energy, grew 0.5% in August over the previous month, above the 0.2% month-on-month rise recorded in July. Meanwhile, core inflation inched up to 0.8% from July’s 0.7%. On the other hand, harmonized inflation ticked down to 1.6% in August, from 1.9% in July.