2023.05.3111:01:00UTC+00Italy Inflation Hits 1-Year Low Of 7.6%

Italy's consumer price inflation moderated less-than-expected in May to the lowest level in a year, preliminary data from the statistical office showed on Wednesday.

The consumer price index, or CPI, rose 7.6 percent year-over-year in May, slower than the 8.2 percent rise in March. Economists had forecast inflation to ease to 7.4 percent.

The slowdown in inflation was largely due to non-regulated energy products, with price growth easing to 20.5 percent from 26.6 percent in April.

The inflation was, to a lesser extent, impacted by a slower rise in prices for processed food and other goods.

Meanwhile, prices of processed food products showed an accelerated growth of 8.9 percent.

Excluding energy and fresh food, core inflation stood at 6.1 percent in May, down marginally from 6.2 percent in April.

On a monthly basis, consumer prices moved up 0.3 percent in May, while they were expected to drop by 0.1 percent.

Inflation, based on the harmonized index of consumer prices, slowed to 8.1 percent in May from 8.7 percent in the previous month. The expected rate was 7.5 percent.

Month-on-month, the outcome in HICP was an increase of 0.3 percent.