Italy’s annual inflation rate accelerated to 5.4% in October 2026, up from 4.2% in September, according to preliminary estimates. This was the highest level since September 2023 and well above market expectations of 4.6%. Price growth intensified for regulated energy (59.5% vs 25.8% in September), non-regulated energy (29.4% vs 22.5%), unprocessed food (7.5% vs 5.5%), and transport services (3.1% vs 1.6%). Core inflation, which excludes energy and fresh food, rose to 2% from 1.6%.
On a monthly basis, consumer prices increased by 0.9%, picking up from a 0.7% rise in the previous month. Harmonised inflation (HICP) also rose sharply, reaching 5.6% year on year—its highest level in three years—compared with 4.2% in September. Month on month, HICP increased by 1.2%, following a 2.1% rise in September.
