ROME, March 17 (Xinhua) -- Italy's annual inflation rate rose to 1.6 percent in February, reaching its highest level since October 2023, according to final data released by the National Institute of Statistics (ISTAT) on Monday.
Although the figure was slightly below the preliminary estimate of 1.7 percent issued in late February, it marked an increase from January's 1.5 percent inflation rate, reflecting a continued upward trend in consumer prices.
Italy has experienced relatively moderate inflation over the past year, with price increases remaining below 1 percent for seven of the first ten months of 2024. However, inflation surpassed that threshold in November and has remained above it ever since.
ISTAT attributed February's price acceleration primarily to soaring energy costs and rising food prices. Regulated energy prices surged by 31.4 percent year-on-year, compared to a 27.5 percent increase in January. Meanwhile, prices for processed and unprocessed food items also climbed, rising by 1.9 percent and 2.9 percent, respectively, compared to 1.7 percent and 2.2 percent in the previous month.
Despite the recent increases, Italy's inflation rate remains below the average for both the 27-member European Union and the 20-nation eurozone, ISTAT noted.
Economists are closely monitoring inflationary pressures in Italy as the government seeks to balance economic recovery with price stability in an evolving global economic environment.
