Flash June Italian HICP consumer prices to rise by one tick

Italian energy prices are expected to be the main driver behind higher consumer prices as the other metrics should remain broadly stable across the board.

HICP inflation and prices paid for services in May rose due to a more prominent rebound in energy prices.The latter benefited from prices paid for accommodation services rising markedly in May,the food component remained stable while the non-energy industrial goods component rose. With goods and services both marching forward, the core component was up.

"Italian HICP inflation is set to print at 0.3% yoy in June, one tick higher than in May". Looking ahead, Italian HICP inflation is expected to average 0.6% in 2015 and 1.5% yoy in 2016. The core component should average 1.1% in 2015 and 1.3% in 2016", says Societe Generale.