The consumer price inflation rate in Italy reached 3.3% in August, up from 2.9% in July. This figure aligns with the preliminary forecasts released on September 1 and marks the highest inflation rate since September 2023, when prices increased by 5.3%.
Price increases in the energy sector
The inflation rate based on unregulated energy products increased to 17.0%, showing significant growth from 11.4% the previous month. Additionally, the inflation rate for regulated energy products rose to 18.6%, up from 14.8% in July. These increases have also had a direct impact on the prices of durable goods, which saw a 1.3% increase compared to a 0.7% rise the previous month, indicating greater growth.
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Changes in services and core inflation
While the annual growth rate of prices for transportation-related services decreased to 0.8%, down from 1.6% the previous month, the core inflation rate, which excludes energy and unprocessed food, fell to 1.5%, down from 1.6% the previous month, indicating a slight decrease.
On a monthly basis, consumer prices increased by 0.5%, in line with expectations. Additionally, the EU inflation measure reached 3.2% in August, up from 2.9% in July. On a monthly scale, the Harmonized Index of Consumer Prices (HICP) saw only a 0.1% increase, with no changes compared to previous forecasts.
These inflation increases in Italy specifically reflect the interrelated impacts of energy and consumer goods prices on the country's economy. Given the rising prices in various sectors, analysts believe this trend could influence the country's monetary and fiscal policies.
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