Italy Producer Price Inflation Highest Since February 2023

(RTTNews) - Italy's producer price inflation accelerated in July to the highest level in nearly three-and-a-half years amid higher energy costs, the statistical office ISTAT showed on Wednesday.

The producer price index climbed 7.8 percent year-over-year in July, faster than the 5.8 percent increase in May. Moreover, this was the highest inflation since February 2023, when prices surged 9.6 percent.

The upturn in inflation was mainly driven by 21.8 percent higher costs for energy. Prices for intermediate goods increased 5.7 percent, and those for capital goods rose by 2.4 percent. Data showed that costs for consumer goods moved up 1.0 percent.

On a monthly basis, producer prices rose 2.4 percent after remaining flat in June.