Italy’s annual inflation rate rose to 4.2% in September 2026, up from 3.3% in August, according to preliminary estimates. This is the highest reading since September 2023 and exceeds market expectations of a rise to 3.8%.
Energy prices accelerated sharply, with inflation for both regulated (25.9% vs 18.6%) and non-regulated (22.2% vs 17%) energy products increasing markedly. Price growth also picked up for unprocessed food (5.5% vs 3.8%) and transport services (1.6% vs 0.8%).
Underlying inflationary pressures strengthened as well. Core inflation, which excludes energy and unprocessed food, rose to 1.7% from 1.5%, while inflation excluding only energy increased to 2.0% from 1.7%. On a monthly basis, consumer prices advanced 0.7%, quickening from a 0.5% rise in August.
HICP inflation also accelerated significantly, reaching a new three-year high of 4.1%, up from 3.2%, and surging 2.0% month-on-month after a 0.1% increase previously. The strong monthly jump largely reflects the impact of summer sales, which are excluded from the national headline inflation measure.
