30.04.202609:38:50UTC+00Italy Inflation Rate Hits 2023-Highs

Italy’s annual inflation rate jumped to 2.8% in April 2026, up from 1.7% in March and above market expectations, according to preliminary estimates. This is the highest reading since 2023 and largely reflects rising energy prices, underscoring Italy’s dependence on imported gas for electricity and heating. Energy prices rebounded strongly for both unregulated contracts (9.9% vs. -2.0% in March) and regulated tariffs (5.7% vs. -1.6%).

Goods prices accelerated sharply (3.2% vs. 0.8% previously), driven in part by an increase in unprocessed food inflation, which rose to 6.0% from 4.7%. By contrast, inflation in services slowed to 2.4% from 2.8%, reflecting weaker price pressures in recreational, cultural and personal care services (2.6% vs. 3.0%) and in transportation services (0.5% vs. 2.2%). Housing-related services were an exception, with inflation in this category edging up to 2.5% from 2.2%.

Core inflation, which excludes energy and fresh food, eased to 1.6% from 1.9%, while inflation excluding only energy decelerated more modestly, to 2.0% from 2.1%. The Harmonised Index of Consumer Prices (HICP) rose 2.9% year-on-year and 1.7% month-on-month. On a monthly basis, the national consumer price index increased by 1.2%, the fastest pace since October 2022.