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Italian Inflation Rate Unexpectedly Increases in June

Italy’s inflation rate rose to 3.6 percent in June amid higher energy costs.

The inflation rate based on European Union measurements rose to 3.6 percent from 3.5 percent in May, Rome-based national statistics office Istat said in a preliminary report today. That was more than the median forecast of 3.4 percent by 15 economists in a Bloomberg News survey. Prices rose 0.2 percent from May, Istat said.

Italian household confidence fell this month to a record low as joblessness rose and Prime Minister Mario Monti’s fiscal measures deepened the country’s fourth economic recession since 2001.

Gasoline prices rose 16 percent from a year earlier, Istat said today. They dropped 2.5 percent from a month ago.

ECB President Mario Draghi said on June 15 that there are “no inflation risks in any euro-area country.”

The ECB Governing Council discussed earlier this month whether to lower its benchmark rate from 1 percent to support Europe’s weakening economy. The next rate-setting meeting of the Frankfurt-based institution is on July 5.

Based on Italian methodology, Italian prices rose 0.2 percent in June from the previous month and 3.3 percent from a year earlier, Istat said today.

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