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ITALY DATA: July Manuf PMI: Demand Weakness Limits Input Cost Pass-on

ITALY DATA
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The Italian July manufacturing PMI was stronger than expected at 47.4 (vs 46.0 cons, 45.7 prior). However, the print remains below the 49.2 average seen in Q1.

As in Spain, shipping delays from the Red Sea were cited, and pushed input costs higher. However, weak demand conditions meant that overall pass-on was muted. A reminder that the uptick in Italian goods inflation in July was due to less Summer sales discounting than in 2023 (particularly in e.g. clothing and footwear). 

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The Italian July manufacturing PMI was stronger than expected at 47.4 (vs 46.0 cons, 45.7 prior). However, the print remains below the 49.2 average seen in Q1.

As in Spain, shipping delays from the Red Sea were cited, and pushed input costs higher. However, weak demand conditions meant that overall pass-on was muted. A reminder that the uptick in Italian goods inflation in July was due to less Summer sales discounting than in 2023 (particularly in e.g. clothing and footwear). 

Keep reading...Show less