There were no revisions to the provisional CPI in December's final report. A monthly 0.4 percent increase in prices matched the earlier estimate and left the annual inflation rate at 0.9 percent, in line with its final November outturn.
The final HICP similarly matched its flash mark and so still shows a 0.3 percent monthly rise and a 1.0 percent yearly rate, down 0.1 percentage points from its final mid-quarter print.
As indicated in the provisional release, the main upside pressure on the monthly change in the annual CPI rate came from transport services (2.8 percent after 2.2 percent). However, this was offset by a slowdown in both non-processed foods (2.4 percent from 3.2 percent) and non-regulated energy (4.4 percent from 5.0 percent). As a result, the yearly core rate, which excludes fresh food and energy, held steady at 0.4 percent.
Underlying inflation in Italy continues to move sideways and, notwithstanding the recent improvement in the real economy, at a low enough level to mean that deflation risks cannot be ignored.