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Italy final July HICP confirmed flat y/y, lowest rate since July 2009
August 12, 2014 / 8:21 AM / in 3 years

Italy final July HICP confirmed flat y/y, lowest rate since July 2009

ROME, Aug 12 (Reuters) - Italian EU harmonised consumer
prices (HICP) fell 2.1 percent month-on-month in July, with the
year-on-year inflation rate flat after a 0.2 percent increase in
June, national statistics office ISTAT said on Tuesday,
confirming a preliminary estimate.
    The flat HICP annual rate is the lowest since July 2009,
underscoring the risk of deflation in the euro zone's
third-biggest economy, which fell back into recession in the
second quarter.
    ISTAT also confirmed the preliminary data issued on July 31
for the main domestic price index (NIC), falling 0.1 percent on
the month in July and gaining 0.1 percent on an annual basis.
    The much steeper month-on-month drop for the HICP is due to
summer discount sales for clothes and footwear. The NIC does not
include items affected by temporary discount sales.
    
    ISTAT gave the following details:
The EU-harmonised index (HICP):
                             JULY        JUNE         MAY
 Monthly change              -2.1         0.1        -0.1
 Yr/yr inflation              0.0         0.2         0.4
 Index (base 2005=100)      117.9       120.4       120.3

The NIC index:
 Monthly change              -0.1         0.1        -0.1
 Yr-on-yr inflation           0.1         0.3         0.5
 Index (base 2010=100)      107.5       107.6       107.5
    
    ISTAT gave the following sector-by-sector breakdown for the
HICP:

     Sector                        m/m     yr/yr
    Food                          -0.9     -0.9
    Alcoholic drinks, tobacco      0.0      0.1
    Clothing                     -20.5     -1.2
    Housing, electricity, fuel    -1.3     -0.9
    Domestic goods                -0.5      0.7
    Health spending                0.1      1.5
    Transport                      1.2      1.5
    Communications                -0.1     -9.0
    Recreation                     0.4      0.5
    Education                      0.0      1.3
    Hotels, restaurants            0.0      0.9
    Other goods, services         -0.8     -0.1
    

 (Reporting By Gavin Jones)

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