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Italy’s Inflation Rate Drops in October on Lower Energy Prices

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Oct. 31 (Bloomberg) -- Italy’s inflation rate dropped in October to the lowest in more than one year as energy prices declined on a monthly basis.

The inflation rate based on European Union measurements dropped to 2.8 percent, the lowest since August 2011, from 3.4 percent in September, Rome-based national statistics office Istat said in a preliminary report today. The inflation rate jumped in September from 3.3 percent in August after the end of post-summer retail discounts.

Economists had predicted a drop to 3.1 percent for October, according to the median forecast of 10 economists in a Bloomberg News survey. In the month, consumer prices rose 0.3 percent, Istat said.

Based on Italian methodology, prices were unchanged from September and gained 2.6 percent from a year earlier, Istat said today. Gasoline prices dropped 2.5 percent from the previous month and rose 16.2 percent from a year earlier.

To contact the reporter on this story: Chiara Vasarri in Rome at cvasarri@bloomberg.net

To contact the editor responsible for this story: Jerrold Colten at jcolten@bloomberg.net

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