Italy’s Harmonised Index of Consumer Prices (HICP) fell by 1.0% month-on-month in July 2026, sliding back into negative territory after showing no change in June. The latest data, updated on 31 July 2026, highlight a renewed bout of price weakness in the eurozone’s third-largest economy.
In June 2026, Italian HICP had registered a flat 0.0% month-on-month reading, indicating a pause in price momentum compared with the previous month. July’s decline therefore marks a clear deterioration in short-term inflation dynamics, as prices on average fell compared with June.
The figures are based on a month-on-month comparison: the current reading measures the change in prices in July versus June, while the previous reading reflected the change in June relative to May. The move from stability to a 1.0% contraction in HICP will likely sharpen attention on underlying demand conditions and policy responses in Italy and across the euro area.
