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Italy inflation eases YOY in July; June trade surplus widens

Italian harmonized annual inflation came in at 0.3% in July, down from the preliminary estimate of 0.4% and a 0.8% print in the prior month, final data from the country's National Institute of Statistics showed.

Prices for clothing and footwear declined 2.0% year over year in July after posting a 0.2% annual increase in the prior month. Prices in the communication segment dropped 8.8%.

The core inflation rate, which excludes energy and unprocessed food, edged down to 0.4% from the prior month's 0.5% annual growth rate.

On a month-over-month basis, harmonized consumer prices were down 1.8%. A preliminary forecast was for a monthly decline of 1.7% in July.

On a nonharmonized basis, annual inflation came in at 0.4% in July, down from the initial estimate of a 0.5% rise and the prior month's reading of 0.7%. Monthly inflation remained unchanged in July, compared with the preliminary estimate.

The Econoday consensus forecast was for a 0.5% increase in annual inflation and a 0.1% monthly rise in July.

Italy's seasonally adjusted trade surplus widened to €5.38 billion in June from €4.06 billion recorded in the prior month, a separate release showed.

Exports increased 1.2% month over month while imports declined 2.1% in June.