Italian inflation rates remain high

Italy's ravaged economy continues to suffer under high inflation rates, according to data released Friday. Istat, the Italian statistics agency, released second estimate figures showing year-on-year inflation staying at 3.6 per cent for July, unchanged from the month before. The first estimate had come in at 3.7 per cent. Month-on-month rates showed a drop of 1.7 per cent. Consumer price inflation was also on the rise for July, with data showing prices 3.1 per cent higher than in July 2011. But that was a decrease from June, when the annual data came in at 3.3 per cent. The European Central Bank strives for an inflation rate of 2 per cent in Europe.