Italian preliminary HICP rises 3.2% in August, below 3.4% forecast

Italian preliminary HICP year-on-year for August came in at 3.2%, missing the 3.4% consensus and accelerating from the prior 2.9%. The below-forecast print adds to evidence of easing eurozone inflation, following German CPI data that also missed expectations. The flash estimate is subject to revision. Limited direct impact on US equities, but the data supports a dovish ECB narrative.