Italian inflation inches up in May on rising energy pressures
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https://think.ing.com/snaps/italian-inflation-inches-up-in-may-energy-prices/
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Per the full note from [source], Italy's headline inflation jumped above 4% in September, but the desk argues the underlying picture is far softer and remains an energy story. Istat's preliminary estimate put national CPI at 4.2% year-on-year, up from 3.3% in August, while harmonised inflation rose to 4.1% from 3.2%. The acceleration was overwhelmingly driven by energy, with regulated energy inflation reaching 25.9% and non-regulated energy at 22.2%, both sharp moves on the month. Food also strengthened, but entirely due to unprocessed food at 5.5%, while services inflation edged up only modestly to 2.6% and core excluding energy and fresh food rose just to 1.7% from 1.5%. The desk's read is that second-round effects are not yet visible in services, so the composition is less alarming than the headline suggests. With no internal coverage on the euro area or upcoming high-impact events, this piece stands as a standalone macro signal for the euro's inflation narrative.