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May inflation steady in recession-hit Italy

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May inflation steady in recession-hit Italy
File photo: Images of money/Flickr
13:59 CEST+02:00
Italian consumer price inflation remained stable in May from April at an annual rate of 1.1 percent, official data released on Wednesday showed, in another sign of the softness of the economy in the recession-hit eurozone nation.

Core inflation, excluding volatile food and energy prices, edged up to 1.3 percent in May from 1.2 percent in April, said the national statistics institute (ISTAT).

Austerity measures implemented by the Italian government to rein in the public finance deficit have dampened consumer spending and helped keep a lid on inflation.

The Italian economy shrank by 0.6 percent in the first quarter of the year, marking the seventh quarterly contraction in a row.

According to the European Central Bank's yardstick, the harmonised index of consumer prices (HICP), 12-month inflation held steady at a rate of 1.3 percent in May, ISTAT said.

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