Italy’s headline CPI rose +0.8% MoM and accelerated to +1.6% YoY in February (from +1.0% YoY in January), reflecting firmer service-sector and unprocessed food inflation.

• The pickup in annual inflation was driven by Services related to transport, which accelerated to +3.0% YoY (from +0.7%), and Services related to recreation, repair and personal care, which increased to +4.9% YoY (from +3.0%), indicating stronger price pressures across key service categories.

• Unprocessed food inflation rose to +3.6% YoY (from +2.5%), while Processed food including alcohol eased slightly to +1.7% YoY (from +1.9%), showing divergent trends within food components.

• Regulated energy prices fell -11.3% YoY (from -9.6%) and Non-regulated energy declined -6.2% YoY (from -5.9%), signaling deeper annual contractions in energy even as overall inflation accelerated.

• Goods prices remained unchanged at -0.2% YoY, while Services inflation increased to +3.6% YoY (from +2.5%), widening the services-goods inflation gap to +3.8 p.p. (from +2.7 p.p.), highlighting the growing divergence between categories.

• On a MoM basis, the +0.8% rise was mainly driven by Tobacco (+3.3%), Services related to recreation (+2.1%), Services related to transport (+2.0%), Unprocessed food (+1.1%) and Non-regulated energy (+0.4%), partially offset by a -1.2% decline in Regulated energy.

• The Harmonised Index of Consumer Prices (HICP) increased +0.6% MoM and +1.6% YoY (from +1.0% YoY in January), aligning with the national CPI in showing a renewed acceleration in annual inflation.

Italy’s CPI inflation eased from +1.2% YoY in December to +1.0% YoY in January, while the monthly increase (+0.4% MoM) reflected broad-based price gains across food, energy, and housing-related services.

• Food inflation remained a key support to prices, with unprocessed food up +2.5% YoY and processed food including alcohol rising +2.2% YoY, alongside a +2.1% YoY increase in grocery and unprocessed food.

• Services inflation stayed elevated, led by services related to housing at +4.4% YoY and recreation, repair, and personal care services at +3.0% YoY, highlighting continued strength in service-sector prices.

• Tobacco prices increased +3.3% YoY, adding further upward pressure to the overall index.

• Core inflation excluding energy and unprocessed food held at +1.8% YoY, while inflation excluding energy stood at +1.9% YoY, showing underlying price growth remained firmer than headline.

• Goods prices declined -0.2% YoY while services rose +2.7% YoY, widening the services-goods inflation gap to +2.5 percentage points.

• The MoM increase was driven mainly by regulated energy (+8.7%), housing-related services (+1.9%), unprocessed food (+1.2%), processed food including alcohol (+0.9%), and non-regulated energy (+0.8%), partially offset by a sharp decline in transport services (-3.7%).

• The harmonised HICP fell -1.0% MoM but rose +1.0% YoY, down from +1.2% YoY in December, aligning with the moderation seen in the national index.

Italy’s CPI rose +0.2% MoM and accelerated to +1.2% YoY in December 2025, up from 1.1% YoY in November, reflecting firmer food and services inflation at year-end.

• Headline inflation increased from +1.1% YoY in November to +1.2% YoY in December, while the monthly gain (+0.2% MoM) was driven by transport services and unprocessed food prices.

• Core inflation excluding energy and unprocessed food edged up to +1.8% YoY (Nov: +1.7%), while inflation excluding energy increased slightly to +1.9% YoY (Nov: +1.7%).

• Food inflation strengthened, with processed food including alcohol rising to +2.6% YoY (Nov: +2.1%) and unprocessed food accelerating to +2.3% YoY (Nov: +1.1%); unprocessed food also increased +0.4% MoM.

• Energy prices remained a drag on inflation at -4.5% YoY, with regulated energy down -5.3% YoY (Nov: -3.2%) and non-regulated energy at -4.4% YoY, partially offsetting strength elsewhere.

• Services inflation stayed elevated at +2.5% YoY (up from +2.3% YoY previously), with transport services accelerating sharply to +2.6% YoY (Nov: +0.9%) and rising +3.1% MoM, while recreation and personal care services slowed to +2.7% YoY and fell -0.4% MoM.

• The harmonised index of consumer prices (HICP) increased +0.2% MoM and +1.2% YoY in December, a slight acceleration from 1.1% YoY in November, matching the national index and confirming a modest firming in Italian inflation at the end of 2025.