In Italy, inflation continued to moderate from a very high level at the beginning of the year. The consumer prices (HICP), determined according to European standards, increased by 10.9 percent in January year-on-year, as the statistics office Istat announced on Wednesday in Rome after an initial estimate. In December, the rate was still 12.3 percent. Inflation has thus weakened for the second month in a row, although the most recent decline was comparatively sharp.
In November, the inflation rate was still 12.6 percent and, like in October, was at its highest level since the introduction of the euro. At the beginning of the year, analysts had expected a significant drop in inflation in the third largest economy in the euro zone. On average, however, they had assumed that the inflation rate would fall even more sharply to 10.7 percent.
In a monthly comparison, consumer prices fell significantly. In that regard, Istat reported a 1.3 percent drop in January after December prices rose 0.2 percent mom. Clothing and shoes fell particularly sharply in January.
By far the strongest price driver, on the other hand, remains the cost of energy. However, the increase in inflation in this area slowed down further in January. (dpa)