Italian manufacturing cost pressures ease in June, PMI shows

ROME, July 1 (Reuters) - Cost pressures and supply chain disruption in Italy's manufacturing sector eased in June, a survey ‌showed on Wednesday, reflecting signs of de-escalation in the ‌conflict in the Middle East.

The measure of input cost inflation in the Italian ​S&P Global Manufacturing Purchasing Managers' Index (PMI) fell to 74.3 from 76.5 in May, posting the first decline this year while remaining at a historically high level.

Output prices also eased for the first time ‌since December, with the ⁠sub-index declining to 60.6 from 62.3.

"Although the adverse impact of war in the Middle East is still ⁠clearly evident in prices and delivery times data, the latest (figures) provide the first signs that things are moving in the right direction for ​Italian ​manufacturers," said Eleanor Dennison, economist at ​S&P Global Market Intelligence.

Italian ‌consumer price inflation eased to 3.1% in June from 3.2% the month before, preliminary data showed on Tuesday.

The headline PMI, a broader gauge of manufacturing activity, slipped to 52.2 in June from 52.9, remaining above the 50 mark that separates growth from contraction.

A ‌Reuters survey of 11 analysts had pointed ​to a June reading of 52.4.

The ​new orders subindex declined ​to 50.6 from 51.2, while the manufacturing output ‌subindex slipped to 52.8 from 53.2.

Prime ​Minister Giorgia Meloni's ​government in April cut its economic growth outlook to 0.6% for this year and next from previous targets of 0.7% ​and 0.8% respectively.

The ‌government forecast a 0.8% growth rate for 2028, which ​would mark six consecutive years of sub-1% growth.

(Reporting by Gavin ​Jones, editing by Hugh Lawson)