Italy Inflation Steady At 1.7%

(RTTNews) - Italy's consumer price inflation held steady in July after easing slightly in the previous month, preliminary data from the statistical office showed on Thursday.

Consumer price inflation stood at 1.7 percent in July, the same as in the previous month. Meanwhile, economists had expected the rate to ease to 1.5 percent.

The price growth in unprocessed food products accelerated to 5.1 percent from 4.2 percent. Similarly, inflation based on food items rose to 3.1 percent from 2.7 percent. Meanwhile, prices of unregulated energy products declined 5.8 percent.

Excluding energy and unprocessed food, core inflation held steady at 2.0 percent.

On a monthly basis, consumer prices moved up 0.4 percent.

Inflation, based on the harmonized index of consumer prices, eased slightly to 1.7 percent from 1.8 percent. Monthly, the HICP dropped 1.0 percent.

Separately, the statistical official revealed that producer price inflation accelerated to 2.5 percent in June from 1.7 percent in May. The inflationary pressure was primarily driven by increases in domestic energy prices. Monthly, prices rose 1.5 percent versus a 0.7 percent fall in May.