Italian inflation slows less than expected in July

Official data showed that consumer prices in Italy, coordinated with the European Union, fell by 1.1% in July, and on an annual basis, inflation fell by 0.9% in July, the lowest level since March. The official statistics agency said the main domestic price index (NIC) rose 0.3% in July, and year-on-year inflation rose 1.8% in July versus 1.3% in June. Year-on-year core inflation excluding food and energy on the HICP fell to -0.6% in July after falling to a record 0.3% in June, and July saw an unusually strong divergence between domestic and EU-harmonized indicators.