Italy CPI

Data Prices

Source: Istat
Source Link: https://www.istat.it/
Frequency: Monthly
Next Release(s): April 30th, 2026 5:00 AM

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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.
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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.
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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.
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Italy’s CPI fell -0.2% MoM in November 2025 and held steady at +1.2% YoY, reflecting offsetting moves across food, energy, goods, and services.
- Core inflation (excluding energy and unprocessed food) eased to +1.8% YoY (Oct: +1.9%), and inflation excluding energy also slowed to +1.8% YoY (Oct: +1.9%), indicating softer underlying pressures.
- Goods inflation edged up to +0.3% YoY (Oct: +0.2%), while services inflation slowed to +2.2% YoY (Oct: +2.6%), narrowing the goods–services inflation gap to 1.9 ppts.
- Food inflation was mixed: processed food rose +2.7% YoY (Oct: +2.5%), while unprocessed food slowed to +1.4% YoY (Oct: +1.9%). Grocery and unprocessed food rose +0.4% MoM but eased to +1.9% YoY (Oct: +2.1%).
- Energy prices remained a drag, with regulated energy falling -3.3% YoY (Oct: -0.5%) and non-regulated energy at -4.4% YoY (Oct: -4.9%).
- Durable goods inflation strengthened to -0.1% YoY (Oct: -0.8%), while non-durable goods slowed to +1.0% YoY (Oct: +1.3%).
- Service categories showed broad deceleration: recreation and personal care rose +2.9% YoY (Oct: +3.3%), transport slowed to +0.8% YoY (Oct: +2.0%), and communication fell to -0.8% YoY (Oct: -0.3%).
- The Harmonised Index of Consumer Prices (HICP) declined -0.2% MoM and slowed to +1.1% YoY (Oct: +1.3%), aligning with the broader easing in domestic inflation.
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Italy CPI: October 2025 (Final) 2025-11-17 05:00
Italy’s CPI fell -0.3% MoM and slowed to +1.2% YoY (vs +1.6% YoY expected) in October 2025 (from +1.6% in September), reflecting weaker energy and food prices alongside steady service inflation.
- Core inflation (ex-energy and unprocessed food) held at +2.0% YoY, while CPI excluding energy eased slightly to +2.0% (from +2.1%).
- Goods inflation weakened to +0.2% YoY (from +0.6%), while services inflation was unchanged at +2.6%, widening the goods–services gap to +2.4 ppts.
- Energy prices declined sharply, with regulated energy down -6.7% MoM and +0.8% YoY (vs +13.9%), and non-regulated energy -0.8% MoM and -5.2% YoY.
- Food inflation moderated to +1.9% YoY (from +4.8%), with processed food up +2.8% and unprocessed food slowing sharply to +1.9%.
- Grocery and unprocessed food rose +0.2% MoM but eased to +2.3% YoY (from +3.1%), reflecting lower fresh food prices.
- Transport service prices fell -0.3% MoM and slowed to +2.0% YoY (from +2.4%), while recreation, repair, and personal care services rose +3.3% YoY (from +3.1%).
- The Harmonised Index of Consumer Prices (HICP) decreased -0.2% MoM and rose +1.3% YoY (down from +1.8%), mirroring the broader CPI slowdown.
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