Consumer prices (provisional data) - January 2026

With the release of the provisional data for January 2026, Istat begins disseminating consumer price indices according to version 2 of the ECOICOP classification, concurrently with the transition to the new reference base 2025=100.

According to preliminary estimates, in January 2026 the Italian consumer price index for the whole nation (NIC) was +0.4% compared with the previous month and +1.0% on annual basis (down from +1.2% in the previous month).

Support to inflation is mainly due to the dynamics of prices of Unprocessed food (+2.5%) and Processed food including alcohol (+2.2%), as well as to prices of Services related to housing (+4.4%), Tobacco (+3.3%), and Services related to recreation, including repair and personal care (+3.0%).

In January 2026, core inflation (excluding energy and unprocessed food) are +1,8% and inflation excluding energy are +1.9%.

As for Goods, the year on year growth rate are -0.2% and for Services the annual rate of change are +2.7%. As a consequence, the inflationary gap between Services and Goods are +2.5 percentage points.

The prices of Grocery and unprocessed food increased by 2.1% compared with January 2025.

The month-on-month increase in the overall index (+0.4%) was mainly due to the prices of Regulated energy products (+8.7%), of Services related to housing (+1.9%), of Unprocessed food (+1.2%), of Processed food including alcohol (+0.9%), of Non-regulated energy products (+0.8%) and of Services related to recreation, including repair and personal care (+0.7%). The only month-on-month decline is observed in Services related to transport prices (-3.7%);

In January 2026, according to preliminary estimates, the Italian harmonised index of consumer prices (HICP) recorded recorded a month-on-month change of −1.0% and a year-on-year increase of +1.0% (down from +1.2% in the previous month).