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.