Inflation Hits 9-month Low on Cheaper Energy Costs in Italy

Consumer price inflation in Italy eased more than expected in September 2024, reaching the lowest level in nine months amid lower energy costs, the latest data from the statistical office showed today. Consumer price inflation slowed to 0.7% in September from 1.1% in August. The expected inflation rate was 0.8%. This was the weakest rate since December 2023, when prices had risen 0.6%. The slowdown in inflation was largely driven by an 8.7% fall in energy prices, faster than the 6.1% decline in August. Apart from that, lower prices of some types of services, including recreational, cultural, personal care and transport, also curbed the rise in prices, with the inflation falling to 4.0% from 4.5%. On the other hand, costs for unprocessed food products rebounded 0.5% after falling 0.5% in August. On a monthly basis, consumer prices dropped 0.2% in September, as expected. Inflation, based on the harmonized index of consumer prices, softened to 0.8% in September from 1.2% in the previous month. Compared to the previous month, the HICP climbed 1.2%. Source: Oman News Agency