Italy's annual inflation rate edged up to 0.9% in October 2024

Italy's annual inflation rate increased to 0.9% in October 2024 from 0.7% in September, matching preliminary estimates but slightly below market expectations of 1%.

Italy's annual inflation rate edged up to 0.9% in October 2024

This rate remains significantly lower than the Eurozone average, supporting the European Central Bank's recent decisions to cut rates. Inflation surged for food items, with unprocessed food prices rising to 3.4% (up from 0.3%) and processed food prices increasing to 1.7% (from 1.5%). Transportation services inflation also accelerated to 2.8% (from 2.4%), while the decline in non-regulated energy prices slowed (-10.2% vs. -11%), impacting fuel costs.

Base effects cut regulated energy inflation; core inflation steady, CPI flat

Conversely, base effects caused a sharp drop in regulated energy inflation (3.9% vs. 10.4%). Core inflation remained steady at 1.8%, while the Consumer Price Index (CPI) was flat compared to the previous month.