What does it mean when it is said that the rate of inflation in Eurozone country X is greater than in countries Y and Z? Nothing?

The fact that prices are going up is not in itself inflationary. The market expects or even in fact is prices going up and down. That’s what prices do, responding to myriad factors.

If house prices are going up in Manchester but down in Cardiff, we do not talk about ‘inflation’ in Manchester.

Thus if prices rise across the board in eg Italy but not France, that is not ‘inflationary’ unless the ECB starts printing money and pumping it into Italy to fuel it.

Rather we are seeing an important market signal that various process are under way in Italy which are not happening in France and/or vice versa – and citizens/investors/businesses should act accordingly. For some the rising prices in Italy might make it more attractive. For others not.  

Not a problem. In fact the only way to run things.

Or am I missing something?