Italian inflation was revised down slightly in February,
data showed on Thursday, but a previously energy-driven price
surge is now producing more broad-based increases for goods and
services.
Italian EU-harmonised consumer prices (HICP) rose 0.1%
month-on-month and were up 9.8% from the year earlier, national
statistics bureau ISTAT reported, revising down its preliminary
data of +0.2% and +9.9% respectively.
February's annual rate was down from 10.7% in January.
The main domestic price index (NIC) rose 0.2% on the month and increased 9.1% annually, declining from a 10.0% annual rate in January.
"The slowdown of the annual inflation rate was mainly due to regulated and non-regulated energy products," ISTAT said in a note, with electricity, gas, and other fuels down 9.7% from a month before, on the HICP measure.
ISTAT said inflationary pressures came from processed and fresh food as well as transport-related services.
Core inflation (net of fresh food and energy) rose to 7.0% year-on-year on the HICP index in February, up from 6.6% the month before. The fall in energy prices for consumers in February followed a plunge in factory gate energy costs for companies seen in producer price data for January,
released by ISTAT last week. Later on
Thursday the European Central Bank meets amid concerns over the collapse of Silicon Valley Bank, which some analysts believe could lead the ECB to divert from plans for a 50 basis point interest rate hike aimed at curbing price growth. (Reporting by Chiara Bontacchio, Luca Fratangelo, Alessandro Parodi; editing by Gavin Jones)
