--January Result: Unchanged M/M, +5.4% Y/Y
--MNI Survey Jan. Median Forecast: Unch. M/M, +5.4% Y/Y

--December Result: -0.1% M/M, +6.2% Y/Y
--November Result: +0.4% M/M, +6.7% Y/Y

By Gavin Jones

ROME (MktNews) - Italian producer prices were unchanged in January from December, in line with market expectations, as falling energy prices held down the index, national statistics institute ISTAT reported Thursday.
The year-on-year rate slowed to +5.4% from +6.2% in December and +6.7% in November. The +5.4% January rate was the lowest since an identical reading in April 2000.
January's month-on-month and year-on-year results exactly matched the median forecasts in Market News International's monthly survey.
Italy's data follows lower-than-expected January PPI results published Wednesday in France and Spain, which both showed month-on-month declines, helped by lower energy costs.
ISTAT said that excluding energy and water (which fall into the same economic category in ISTAT's PPI release), producer prices would have increased by 0.2% month-on-month, and by 2.5% year-on-year.
Intermediate goods fell 0.4% in January over the previous month, up 8.0% y/y. Consumer goods, the PPI sector most closely linked to consumer prices, rose 0.3% on the month, up 2.2% y/y, while investment goods also increased 0.3% on the month, rising 1.2% y/y.
Refined oil products fell a sharp 6.1% month-on-month in January, while the strongest increase by category was registered for electricity, gas and water, up 1.0%.
Italian consumer prices in January, based on the main domestic index (NIC), came in above expectations, rising 0.4% month-on-month, up 3.0% year-on-year. Preliminary February data was also above expectations, posting identical readings of +0.4% on the month and +3.0% on the year.