Italy’s annual inflation rate rose sharply to 2.7% in April 2026, up from 1.7% in March and just below the preliminary estimate of 2.8%. This is the highest reading since 2023 and was driven primarily by a strong rebound in energy prices, which climbed 9.2% after having fallen 2.1% in the previous month. Energy costs increased in both regulated markets (9.6% versus -2%) and unregulated markets (5.3% versus -1.6%).
Inflation for goods accelerated to 3.1% from 0.8% in March, supported by faster growth in unprocessed food prices (5.9% versus 4.7%). By contrast, inflation in services eased to 2.4% from 2.8%, reflecting slower price increases for recreational, cultural, and personal care services (2.6% versus 3%), as well as for transport services (0.6% versus 2.2%).
Meanwhile, core inflation, which excludes energy and unprocessed food, slowed to 1.9% from 2.1%. Harmonized inflation (HICP) quickened to 2.8% from 1.6%. On a monthly basis, consumer prices rose 1.1%, slightly below the 1.2% expected but well above the 0.5% increase in March, and marking the strongest monthly gain since October 2022.
