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Core HICP Moderates In Contrast To Eurozone-wide Figure

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Italian May flash HICP inflation printed a tenth above consensus expectations on an annual basis at 0.8% Y/Y (vs 0.8% prior) and in-line on a monthly basis at 0.2% M/M (vs 0.5% prior).

  • The May CPI readings were also 0.8% Y/Y and 0.2% M/M.
  • Core HICP (excluding energy, food, alcohol and tobacco) moderated in May to 2.1% Y/Y (vs 2.2% prior), in contrast to the dynamics seen in the Eurozone-wide and German prints.
  • Services (3.0% Y/Y vs 3.1% prior) and core goods (0.7% Y/Y vs 0.9% prior) both moderated in May.
  • However, we note that recent survey evidence suggest that core goods disinflation is likely to stall in the coming months.
  • Energy inflation likely remained a drag on the headline rate, printing at -11.8% Y/Y (vs -12.2% prior). Meanwhile, both processed and unprocessed food inflation also moderated in May.

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Italian May flash HICP inflation printed a tenth above consensus expectations on an annual basis at 0.8% Y/Y (vs 0.8% prior) and in-line on a monthly basis at 0.2% M/M (vs 0.5% prior).

  • The May CPI readings were also 0.8% Y/Y and 0.2% M/M.
  • Core HICP (excluding energy, food, alcohol and tobacco) moderated in May to 2.1% Y/Y (vs 2.2% prior), in contrast to the dynamics seen in the Eurozone-wide and German prints.
  • Services (3.0% Y/Y vs 3.1% prior) and core goods (0.7% Y/Y vs 0.9% prior) both moderated in May.
  • However, we note that recent survey evidence suggest that core goods disinflation is likely to stall in the coming months.
  • Energy inflation likely remained a drag on the headline rate, printing at -11.8% Y/Y (vs -12.2% prior). Meanwhile, both processed and unprocessed food inflation also moderated in May.