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EMU and Japan; EMU Flash PMIs Make Small Recovery
PMIs in June in the EMU area showed some respite from the steady decline in recent months...
French Manufacturing Gives Steady Signal As Services Edge Ahead
The French manufacturing sector gives a steady signal in June but at a level that is off-peak...
U.S. Leading Economic Indicators' Rate of Increase Eases
The Conference Board's Composite Index of Leading Economic Indicators improved 0.2% (6.1% y/y) during May...
Philadelphia Fed Factory Conditions Plunge
The Philadelphia Fed reported that its General Factory Sector Business Conditions Index retreated to 19.9 during June...
U.S. FHFA House Price Index Improves Minimally
The FHFA U.S. house price index nudged 0.1% higher (6.4% y/y) during April...
by Robert Brusca September 15, 2008
Italy’s inflation trends have yet to show decisive signs of turning lower. Italy’s total CPI is still pressing higher. The HICP Core rate shows a more hopeful sign of inflation topping but it shows no clear sign either of moving lower.
The three-month and six-month growth rates are flat at 3.8% and slightly below the Yr/Yr rate of 4.2%. The CPI that offers more inflation detail shows inflation slightly higher over 3 months and six months at 4.2% compared to year/year inflation at 4.1%. But the signals from the HICP and Italian domestic CPI rate are much the same. Across the various Italian CPI commodity categories, inflation is showing neither a tendency to accelerate or decelerate with inflation at a diffusion reading of 50 over three months or six months.
While energy prices are turning lower, there is optimism that inflation will turn lower.
| Italy HICP and CPI details | |||||||
|---|---|---|---|---|---|---|---|
| Mo/Mo % | Saar % | Yr/Yr | |||||
| Aug-08 | Jul-08 | Jun-08 | 3-Mo | 6-Mo | 12-Mo | Yr Ago | |
| HICP Total | 0.4% | -0.1% | 0.6% | 3.8% | 3.8% | 4.2% | 1.7% |
| Core | #N/A | -0.2% | 0.4% | #N/A | #N/A | #N/A | 2.0% |
| CPI | |||||||
| All | 0.1% | 0.4% | 0.5% | 4.2% | 4.2% | 4.1% | 1.6% |
| CPI ex Tobacco | 0.1% | 0.4% | 0.5% | 3.9% | 4.2% | 4.0% | 1.6% |
| Food | 0.4% | 0.4% | 0.4% | 5.2% | 5.5% | 6.3% | 2.4% |
| Alcohol | 0.4% | 1.2% | 0.5% | 8.4% | 4.7% | 5.1% | 2.3% |
| Clothing & Shoes | 0.1% | 0.1% | 0.1% | 1.2% | 1.6% | 1.7% | 1.3% |
| Rent & Utilities | -0.1% | 1.1% | 0.6% | 6.8% | 8.7% | 8.2% | 1.1% |
| Housing &Furniture | 0.1% | 0.2% | 0.3% | 2.2% | 2.2% | 2.8% | 2.7% |
| Health Care | 0.0% | 0.2% | 0.2% | 1.7% | 0.5% | 0.0% | -0.1% |
| Transport | 0.3% | 0.3% | 1.4% | 8.2% | 7.6% | 7.5% | 1.4% |
| Communication | -0.9% | -1.1% | 0.4% | -6.2% | -3.7% | -3.9% | -8.4% |
| Recreation & Culture | 0.0% | 0.2% | 0.2% | 2.0% | 1.1% | 1.2% | 0.9% |
| Education | 0.3% | 0.2% | 0.3% | 3.2% | 2.9% | 2.5% | 2.1% |
| Restaurant & Hotel | 0.2% | 0.3% | 0.4% | 3.8% | 3.3% | 2.4% | 3.2% |
| Other | 0.2% | 0.1% | 0.2% | 2.2% | 2.2% | 2.9% | 2.3% |
| Diffusion | 50.0% | 50.0% | 91.7% | ||||
| Type: Diffusion: Compared to 6-mo 12-mo Yr-Ago. | |||||||
