Inflation in line with expectations in both the Eurozone and Italy

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a cura di Paolo Mameli

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ABSTRACT

Eurozone inflation rose in line with expectations by one-tenth of a percentage point to 2.9% year-on-year in July, driven by a rise in energy inflation.

In our view, this figure does not change much for the ECB: even if there is a slight rise in August – albeit still driven by energy – the picture could still be consistent with a second ECB rate rise in September (unless international commodity prices fall sharply in the coming weeks).

In Italy, inflation fell slightly in July, but could rise again in the coming months (peaking in the autumn).

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