Italy’s consumer prices declined for the seventh straight month in November mainly due to weak energy prices, preliminary data from the statistical office Istat showed Monday.
Consumer prices fell 0.2 percent annually versus a 0.3 percent drop in October. This was also slower than the economists’ forecast of -0.4 percent.
Likewise, the harmonized index of consumer prices was down 0.3 percent, following a 0.6 percent decrease. Economists had expected a 0.5 percent fall for November.
The pace of decrease slowed due to the increase in processed food prices, which climbed 0.7 percent.
The core consumer prices that exclude energy and fresh food accelerated to 0.5 percent from 0.2 percent.
Month-on-month, consumer prices edged down unexpectedly by 0.1 percent, in contrast to October’s 0.2 percent increase. Prices were expected to gain 0.1 percent.
The HICP remained flat after rising 0.6 percent in the previous month. Economists had forecast a 0.2 percent increase.