FX.co ★ Italy Inflation Rate Rises to Over 2-Year High

Italy’s headline inflation rate increased to 3.2% in May 2026 from 2.7% in April, in line with market expectations and marking the highest rate since September 2023. The rise mirrored developments in other major Eurozone economies, as tight oil and gas supplies following the outbreak of war in the Middle East pushed up price growth in energy-importing countries. Price gains accelerated for both non-regulated energy (12.6% vs 9.6% in April) and regulated energy (5.8% vs 5.3%). Inflation also picked up for transportation services (1.8% vs 0.6%) and for recreational and cultural services (3% vs 2.6%). Core inflation, which excludes food and energy, rose to 1.8% from 1.6% in the previous month. On a monthly basis, the Italian CPI increased by 0.4%, easing from a 1.1% rise in April.