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.