- CPI +3.2% vs +3.2% y/y expected
- Prior +2.7%
- HICP +3.3% vs +3.2% y/y expected
- Prior +2.8%
The initial estimates indicate that inflation pressures in Italy continued to push up in May. The jump as it was in April owes much to a further increase in energy prices but there was also an acceleration in both goods and services inflation too.
Looking at the breakdown, prices of non-regulated energy products were up 12.6% compared to May last year (previously 9.6% in April). Meanwhile, prices for regulated energy products were up 5.8% compared to the same month last year (previously 5.3%).
Meanwhile, goods prices also jumped up to 3.5% (previously 3.1%) while services prices moved up to 2.8% (previously 2.4%).
Overall, that sees core annual inflation also push up to 1.8% in May – that is up from 1.6% in April. So, this will be a key spot to watch in case the trend continues in the months ahead as energy price inflation becomes more embedded into other key categories.
The Italy report above fits the theme from earlier in the day with the French and Spanish inflation numbers. The only one to have bucked the trend so far on the day is Germany.