Italy June Inflation Confirmed at 3%

Italy’s headline inflation rate eased to 3.0% in June 2026 from a more than two-and-a-half-year high of 3.2% in May, confirming preliminary estimates. This was the first deceleration in consumer inflation since January, amid softer price increases in unprocessed food (4.4% vs 5.5% in May), recreational, cultural, and personal care services (2.7% vs 3.0%), and transport-related services (1.1% vs 1.7%). However, higher energy prices stemming from supply pressures in the Middle East continued to feed through to consumers, with prices for both regulated energy (9.2% vs 5.6%) and unregulated energy (13.3% vs 12.5%) accelerating. On a monthly basis, consumer prices were unchanged in June after rising 0.4% in the previous month. Core inflation, excluding energy and fresh food, edged down to 1.6% from 1.7%, while inflation excluding energy alone also eased to 1.9% from 2.1%. The HICP was unchanged month-on-month and rose 3.0% year-on-year, slowing from 3.2% in May.

The headline national inflation rate in Italy softened to 3.0% in June of 2026 from 3.2% in the previous month, according to a preliminary read. It was below market expectations of a 3.1% rate and marked the first deceleration in consumer prices since January, potentially pointing to the top of the inflationary surge from the war in the Middle East as wholesale energy prices pulled back in the period. Price growth eased for non-processed food (4.5% vs 5.5% in May), cultural and recreational services (2.7% vs 3.0%), and transportation services (1.1% vs 1.7%). Still, higher energy prices in commodity markets from supply pressures in the Middle East were still being transmitted to Italian consumers, with faster inflation for regulated energy (9.3% vs 5.6%) and non-regulated energy (12.9% vs 12.5%). Since the pickup in inflation was concentrated in energy, the core inflation rate softened to 1.6% from 1.7%. From the previous month, Italian consumer prices were unchanged.

The Italian headline inflation rate accelerated to 3.2% in May 2026 from 2.7% in April, in line with the preliminary estimate and marking the highest level since September 2023. The pickup was consistent with trends seen across other major Eurozone economies, as constrained oil and gas supplies following the outbreak of conflict in the Middle East pushed up energy prices for importing countries. Prices of non-regulated energy surged (12.5% vs 9.6% in April), as did regulated energy (5.6% vs 5.3%). Inflation also rose for transport-related services (1.7% vs 0.6%) and recreational, cultural, and personal care services (3.0% vs 2.6%). Core inflation edged higher to 1.7% from 1.6%, while inflation excluding energy alone accelerated to 2.1% from 1.9%. On a monthly basis, the CPI increased by 0.4%, following a 1.1% rise in April. The HICP also rose 3.2% year-on-year, after 2.8% in April, and increased 0.3% on the month.