2023.03.0210:38:00UTC+00Italy Inflation Slows To 9.2% On Lower Energy Prices

Italy's consumer price inflation eased further in February amid a slowdown in energy costs, latest figures from the statistical office ISTAT showed Thursday.

The consumer price index rose 9.2 percent year-on-year in February, slower than the 10.0 percent surge in January.

Meanwhile, core inflation that excludes prices of energy and unprocessed food climbed to 6.4 percent from 6.0 percent.

Prices of non-regulated energy products grew at a slower pace of 40.8 percent annually in February, after a 59.3 percent jump a month ago.

The decline in prices of regulated energy products was more intense in February, falling 16.7 percent versus 12.0 percent in January.

At the same time, the annual price growth of processed food, including alcohol, accelerated to 16.2 percent from 14.9 percent, and that of unprocessed food rose slightly to 8.4 percent from 8.0 percent.

Compared to the previous month, the CPI moved up 0.3 percent, driven mainly by the increase in prices of unprocessed food, processed food, durable goods and tobacco, among others.

The Italian harmonised index of consumer prices, or HICP, also rose at a slower pace of 9.9 percent year-on-year in February following a 10.7 percent increase in the prior month.

The EU measure of inflation increased 0.2 percent on a monthly basis in the middle of the first quarter.

Separate official data showed that the unemployment rate in the country rose marginally to 7.9 percent in January from 7.8 percent in December.

Data also showed that the employment rate edged up to 60.8 percent in February from 60.7 percent in the previous month.

The unemployment rate among young people aged between 15 and 24, increased to 22.9 percent in February from 22.2 percent a month ago.