Flash February Italian HICP inflation to confirm flash estimates at 0.1% yoy

Italian Flash February HICP came in at 0.1% yoy after its reading of -0.5% yoy in January. 

Looking at the components: food quickened from 0.0% yoy to 1.2% (+25bp to the headline figure), while energy rebounded from -9.1% to -8.4% yoy (adding 7bp), and services accelerated from 0.3% yoy to 0.7% yoy (adding 17bp to the headline figure). 

Societe Generale notes...

• The bulk of the recovery in February came on the back of higher food prices, due to the marked increase in fresh vegetables prices (+11.2% yoy, up from -1.7% yoy in January) and growth in the prices of services related to transport. 
  
  
• The flash February HICP reading should be confirmed at 0.1%yoy.