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Italy flash HICP 6.7% y/y in June, core shows promising decline

ITALY DATA
  • Flash HICP in Italy came in at 6.7% y/y and 0.1% m/m in June, largely in line with expectations and down from 8.0% y/y and 0.3% m/m in May.
  • However, core inflation cooled from 6.0% y/y in May to 5.6% y/y in June.
  • The ECB signaled strongly earlier this month that another 25bp hike to its three key rates is in prospect at its July monetary policy meeting, after a 25bp hike in June.
  • However, Italy's promising core inflation data might give the ECB food for thought, if followed by similar outturns in German and French inflation data due for release on Thursday and Friday.

Source: ISTAT

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