2026.02.2309:00:00UTC+00Italian HICP Stalls in Deflationary Territory at -1.0% Month-on-Month in January

Italy’s Harmonised Index of Consumer Prices (HICP) remained unchanged in January on a month-over-month basis, with the indicator holding at a deflationary -1.0%. According to the latest data, updated on 23 February 2026, the January 2026 reading matches the previous month’s change, which also stood at -1.0%.

The figures indicate that price pressures in Italy have not only softened but stabilized at a negative rate, reinforcing a short-term deflationary trend in the harmonised measure. As the HICP is aligned with EU methodology, the persistent -1.0% month-on-month decline underscores a continued contraction in consumer prices compared with the immediately preceding months, potentially shaping expectations for monetary policy and economic sentiment in the months ahead.