International environment is characterised by decelerating inflation although the core component of the price index is still high in many countries. Main central banks continued to raise interest rates accentuating industrial production deceleration and global trade fall.
On the supply side, in May Italian industrial production index, increased by 1.6% with respect to April after four months of decreases. In the period March-May, however, on average the index decreased by 1.8% with respect to the previous three months.
In the first quarter, gross disposable income increased by 3.1% with respect to the previous period thanks to the strong inflation deceleration. Saving rate increased in comparison to the previous three months.
Labour market conditions remain favourable. In May, the number of employed people rose, while unemployed persons decreased and inactive ones were substantially stable.
In June, according to preliminary estimates, the HICP decreased further and the differential with the euro area, although still positive, narrowed.
Surveys present heterogeneous signals. In June, the consumer confidence index rose with a positive trend diffused to all its components while the business confidence climate weakened.