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Italy Inflation Accelerates More Than Forecast; Jobless Rate At 28-Month Low

Italy's consumer price inflation accelerated more-than-expected in September, while the jobless rate dropped marginally for the second straight month in August to the lowest level in more than two years, preliminary data from the statistical office showed on Friday.

The consumer price index climbed 8.9 percent year-over-year in September, following an 8.4 percent rise in August. That was also above the 8.7 percent increase expected by economists.

Prices for energy alone grew 44.5 percent annually in September, and those for foodstuffs rose 11.7 percent, which was up from 10.1 percent in August.

Excluding energy and fresh food, core inflation accelerated to 5.0 percent from 4.4 percent.

On a monthly basis, consumer prices moved up 0.3 percent in September versus an expected increase of 0.1 percent.

Inflation, based on the harmonized index of consumer prices, quickened to 9.5 percent in September from 9.1 percent in the previous month. It was forecast to rise to 9.4 percent.

Compared to the previous month, the HICP rose 1.7 percent in September, just above the 1.6 percent increase expected by economists.

In a separate report, the statistical office revealed that the unemployment rate dropped to 7.8 percent in August from 7.9 percent in July.

Further, this was the lowest unemployment rate since April 2020, when it was 7.5 percent.

The employment rate also declined to 60.0 percent from 60.2 percent a month ago.

The unemployment rate among young people aged between 15 and 24, slid to 21.2 percent in August from 23.1 percent in July.

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