Italian inflation rises in Junedriven by food price increases. Last month - according to Istat data, which confirm the provisional estimates - consumer prices rose 3,3% year on year, after +3,2% in May. Compared to May, however, there was a growth of 0,2%. As for the so-called "shopping cart", the prices of the products most frequently purchased by consumers increased by 4,4% on an annual basis, with an acceleration compared to the +4,2% in May. In the monthly comparison, however, in June there was an increase of 0,2%.
The main effect of support to the price dynamics "comes from the 1,5% increase in the prices of unprocessed foodstuffs, which determines a significant acceleration of their growth rate (2,6%, from 0,8% % of May)". Conversely, a significant containment effect is due to the monthly decline in the prices of non-regulated energy goods (-2,6%), due to the drop in the prices of all fuels.
Inflation acquired for 2012 rises to 2,8%, while core inflation, calculated net of energy goods and fresh foodstuffs, remains at 2,2%. Excluding energy goods alone, the trend growth rate of the consumer price index rises to 2,3% (it was +2,1% in the previous month).
The harmonized index of consumer prices increased by 0,2% compared to the previous month and recorded a growth of 3,6% on the corresponding one in 2011 (it was +3,5% in May). Also in this case the preliminary estimates are confirmed. The constant-tax index increases by 0,1% on a monthly basis and by 2,5% in trend terms. The national consumer price index for blue-collar and white-collar households, net of tobacco, recorded growth of 0,2% on a cyclical level and 3,1% on a trend basis.
