Flash February Italian HICP inflation to confirm flash estimates at 0.1% yoy
Italian Flash February HICP came in at 0.1% yoy after its reading of -0.5% yoy in January. Looking at the components: food quickened from 0.0% yoy to 1.2% (+25bp to the headline figure), while energy rebounded from -9.1%…
Italian Flash February HICP came in at 0.1% yoy after its reading of -0.5% yoy in January.
Looking at the components: food quickened from 0.0% yoy to 1.2% (+25bp to the headline figure), while energy rebounded from -9.1% to -8.4% yoy (adding 7bp), and services accelerated from 0.3% yoy to 0.7% yoy (adding 17bp to the headline figure).
Societe Generale notes...
The bulk of the recovery in February came on the back of higher food prices, due to the marked increase in fresh vegetables prices (+11.2% yoy, up from -1.7% yoy in January) and growth in the prices of services related to transport.
The flash February HICP reading should be confirmed at 0.1%yoy.
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