The HCOB Italy Services PMI declined to 52.3 in February 2026 from 52.9 in January, though it remained slightly above market expectations of 52. New business growth slowed compared with the previous month, even as it continued to be supported by a renewed rise in export sales.
Employment continued to expand, underpinned by incoming new business and a further reduction in spare capacity, with hiring activity reaching a seven-month high.
On the price front, input cost inflation accelerated to a three-month peak, driven by higher wages and rising transport, energy, fuel, and business services costs. In turn, output charges increased to a seven-month high, extending an upward trend that has been in place for almost four and a half years.
Looking ahead, service providers reported more upbeat expectations for activity over the coming year, citing anticipated new business, including orders from newly acquired clients. Although the overall level of confidence is broadly in line with the 2025 average, it remains noticeably below the long‑run trend.
