ROME, June 16 (Xinhua) -- Italy's annual inflation rate stood at 1.6 percent in May, lower than 1.9 percent in both March and April, according to data released Monday by the National Statistics Institute (ISTAT).
The agency reported that the country's core inflation rate, which excludes energy costs and fresh food prices, fell to 1.9 percent in May, down from 2.1 percent in April.
ISTAT said the slowing growth of energy prices, although still mostly higher than a year earlier, was a key factor behind the decline in May's overall inflation rate.
Inflation in both Italy and the broader eurozone has fallen sharply from the record highs of 2022 and early 2023, which were driven by soaring energy prices following the outbreak of the Russia-Ukraine conflict.
