December Italian HICP flash 0.6% vs 0.6% y/y

• Prior 0.7%
• 0.3% vs 0.3% exp m/m. Prior -0.3%
• CPI 0.7% vs 0.8% exp y/y. Prior 0.7%
• 0.2% vs 0.3% exp m/m. Prior -0.3%

No major shocks here in the EU harmonised number but the ISTAT number falls back slightly. Still need to see whether we’ve reached the bottom of falling inflation or if there’s more to come in the early part of the year.

Italian CPI 03 01 2014