Consumer prices showed an unrevised 0.3 percent monthly rise in the final data for July. This left the annual inflation rate at 1.5 percent, up from June's final 1.3 percent and its highest mark since April 2017.
The flash HICP was similarly unrevised and so still shows a seasonal 1.4 percent monthly drop and a 1.9 percent yearly increase, some 0.5 percentage points stronger than its final reading last time.
As indicated previously, the acceleration in annual CPI inflation was dominated by regulated energy charges where the rate jumped from minus 1.2 percent to 5.3 percent. The impact of this was only partially offset by a slowdown in transport services (1.7 percent after 2.9 percent). Significantly, the core rate, which excludes unprocessed food and energy, dipped from 0.8 percent to 0.7 percent, effectively leaving intact a longstanding flat underlying trend.
Accordingly, the headline data remain misleadingly robust and, on current trends, underlying Italian inflation looks likely to remain worryingly subdued for a long while yet.