Italy's inflation rises moderately as EU cuts its 2024 GDP growth forecast

Rome, Nov 16 Consumer prices index in Italy increased by 0.9 per cent in October compared to the same month last year, Italy's National Statistics Institute (ISTAT) reported.

ISTAT on Friday noted the index in October remained largely stable on a monthly basis. However, some components saw notable changes, including prices for unprocessed food, which surged by 3.4 per cent year-on-year in October, compared to an annual 0.3 per cent increase in September, and the regulated energy prices, which climbed by 3.9 per cent in October after a 10.4 per cent jump in September, reports Xinhua news agency.

Meanwhile, the European Commission's updated projections also show Italy's GDP growing by 0.7 per cent in 2024, down from a May forecast of 0.9 per cent. This outlook is more conservative than the predictions of ISTAT and the Italian government, which still anticipate at least 1.0 per cent growth for the year.

The commission also expects the Italian economy to expand by 1.0 per cent in 2025, slightly below its earlier forecast of 1.1 per cent.

On Italy's debt-to-GDP ratio, the commission expects it to increase from 136.6 per cent this year to 138.2 per cent in 2025 and 139.3 per cent in 2026.

Source: IANS