The annual inflation rate in Italy fell to 6.4% in June of 2023, the lowest in 14 months and well under market expectations of 6.8%, dropping significantly from the 7.6% in the previous month according to preliminary estimates. The decline was largely attributed to base year effects as energy costs have retreated from June-2022 peaks caused by the Russian invasion of Ukraine. The CPI slowed significantly for non-regulated energy (8.4% vs 20.3% in May), processed food (11.9% vs 13.2%), and services related to transportation (3.8% vs 5.6%). On the other hand, consumer prices continued to accelerate for unprocessed food (9.6% vs 8.8%), limiting a further slowdown to inflation. Hence, the core rate eased to 5.6% from 6% in the previous month and the record-high of 6.3% in February. The CPI was stagnant on a monthly basis, compared to the 0.3% increase in May. source: National Institute of Statistics (ISTAT)
| Calendar | GMT | Reference | Actual | Previous | Consensus | TEForecast | |
|---|---|---|---|---|---|---|---|
| 2023-06-16 | 08:00 AM | Inflation Rate YoY Final | May | 7.6% | 8.2% | 7.6% | 7.6% |
| 2023-06-28 | 09:00 AM | Inflation Rate YoY Prel | Jun | 6.4% | 7.6% | 6.8% | 6.7% |
| 2023-07-17 | 08:00 AM | Inflation Rate YoY Final | Jun | 7.6% | 6.4% | 6.4% | |
| Related | Last | Previous | Unit | Reference |
|---|---|---|---|---|
| Inflation Rate | 6.40 | 7.60 | percent | Jun 2023 |
| Inflation Rate MoM | 0.00 | 0.30 | percent | Jun 2023 |
| Consumer Price Index CPI | 119.70 | 119.70 | points | Jun 2023 |
| Harmonised Consumer Prices | 121.80 | 121.70 | points | Jun 2023 |
| Core Inflation Rate | 5.60 | 6.00 | percent | Jun 2023 |
| Core Consumer Prices | 113.50 | 113.10 | points | Jun 2023 |
| GDP Deflator | 113.93 | 112.00 | points | Mar 2023 |
| Producer Prices | 137.20 | 140.40 | points | May 2023 |
| Producer Prices Change | -4.30 | -1.50 | percent | May 2023 |
| Export Prices | 151.50 | 153.80 | points | Apr 2023 |
| Import Prices | 151.40 | 155.90 | points | Apr 2023 |
| Food Inflation | 11.20 | 11.80 | percent | Jun 2023 |
| Services Inflation | 4.60 | 4.80 | percent | May 2023 |
| Energy Inflation | 11.50 | 16.70 | percent | May 2023 |
| CPI Transportation | 122.00 | 121.70 | points | Jun 2023 |
| CPI Housing Utilities | 147.60 | 152.30 | points | Jun 2023 |
| Actual | Previous | Highest | Lowest | Dates | Unit | Frequency | ||
|---|---|---|---|---|---|---|---|---|
| 6.40 | 7.60 | 25.64 | -0.60 | 1962 – 2023 | percent | Monthly |
Original Article: https://tradingeconomics.com/italy/inflation-cpi
