Italy Consumer Prices Rise More Than Estimated

Italy Consumer Prices Rise More Than Estimated

Italy’s consumer prices rose more than initially estimated in January, final data from the statistical office Istat showed on Friday.

The consumer price index rose 0.4 percent year-on-year in January, after a 0.2 percent decline in December. In the initial estimate, inflation was 0.2 percent.

The core inflation excluding prices of energy and unprocessed food rose to 0.8 percent in January from 0.6 percent in the preceding month. According to the initially estimate, core CPI rose 0.7 percent.

On a month-on-month basis, consumer prices rose 0.7 percent in January versus a 0.5 percent increase in the initial estimate. In December, consumer prices rose 0.2 percent.

The EU measure of harmonized index of consumer prices, or HICP, rose 0.7 percent annually in January, after a 0.3 percent decline in the prior month. In the initial estimate, HICP rose 0.5 percent.

On a monthly basis, HICP fell 0.9 percent in January versus a 1.1 percent decline in the initial estimate.

Separate data from the statistical office showed that the construction output declined 4.6 percent monthly in December, after a 2.2 percent growth in November.

On a yearly basis, construction output grew an unadjusted 1.8 percent in December and declined calendar adjusted 1.5 percent.

In the fourth quarter, construction output fell 3.4 percent quarterly.

In 2020, construction output declined unadjusted 7.5 percent and dropped 8.2 percent on a calendar adjusted basis.