Italy's consumer inflation slows down but still close to 36-year high

ANKARA

Italy’s annual consumer inflation decelerated to 7.9% in July, down from the 36-year high of 8% in June, according to official data released on Wednesday.

The final reading was in line with flash estimates, statistical authority ISTAT said.

Prices eased for energy (from a 48.7% rise in June to an increase of 42.9% rise in July) and recreational and cultural services (from 5% to 4.5%).

On the other hand, prices surged for processed food (from 8.1% to 9.5%) and transportations services (from 7.2% to 8.9%).

“Therefore, core inflation (excluding energy and unprocessed food) was +4.1% (up from +3.8% in the previous month) and inflation excluding energy was +4.7% (up from +4.2% in June),” read an ISTAT statement.

On a monthly basis, Italy’s consumer price index increased 0.4% in July, slowing down from 1.2% in June.