Italian inflation declines while consumer prices surge by 0.2%

By Greta Ruffino

Published on 05/01/2024 - 15:10•Updated 15:12

Euronews Business breaks down the newest data about Italy's yearly inflation rate, consumer prices, and the factors behind these changes

Italy's annual inflation rate eased to 0.6% in December 2023 from 0.7% in November, while consumer prices rose by 0.2% after experiencing a 0.5% drop in November, according to the Italian National Institute of Statistics (Istat).

However, throughout 2023 consumer prices rose by an average of 5.7%, significantly slower than the 8.1% growth seen in 2022.

Istat reports the changes are mainly due to "reduced pressure on energy prices," which climbed by 1.2% compared with the surge of +50.9% in 2022.

Despite an overall slowdown in the rate of increase observed in the latter part of the year, food prices grew more by an average of +9.8% in 2023, up from +8.8% in 2022.

Specifically, the prices, excluding volatile components, increased by 5.1% in 2023, compared with +3.8% in 2022 with initial estimates predicting around +0.1% inflation for 2024.

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