Italy May CPI Y/Y 0.8% vs.0.8% anticipated

• CPI Y/Y 0.8% vs. 0.8% expected and 0.8% prior.
• CPI M/M 0.2% vs. 0.2% expected and 0.1% prior.
• Harmonised CPI Y/Y 0.8% vs. 0.7% expected and 0.9% prior.
• Harmonised CPI M/M 0.2% vs. 0.2% expected and 0.5% prior.

The stabilization of the growth on annual
basis of All-item index underlies contrasting trends: the prices of
Processed food (including alcohol and tobacco) (from +2.5% to +2.1%), of
Services related to transport (from +2.7% to +2.4%) and of Services
related to housing (from +2.8% to +2.6%) slowed down; on the contrary,
the prices of Non-regulated energy products (from -13.9% to -13.5%), of
Regulated energy products (from -1.3% to zero) and of Unprocessed foods
(from +2.2% to +2.3%) have increased.

In May 2024, core inflation (excluding energy and unprocessed food)
slowed down as well as inflation excluding energy (both from +2.1% to
+2.0%).

As for Goods, the year on year growth rate was -0.8% (from -0.6% in
April) and for Services the annual rate of change was +2.7% (from
+2.9%). As a consequence, the inflationary gap between Services and
Goods remains stable (at +3.5 percentage points).

The prices of Grocery and unprocessed food increased by 0.6% on
monthly basis and by 2.0% on annual basis (down from +2.3% in the
previous month).

The increase on monthly basis was mainly due to the prices of
Unprocessed food (+1.5%), of Regulated energy products (+1.2%) and of
Services related to recreation, including repair and personal care
(+1.0%); on the other hand the prices of Non-regulated energy products
(-1.1%) and of Durable goods (-0.3%) decreased.