Consumer prices - January 2026

In January 2026 the Italian consumer price index for the whole nation (NIC) increased by 0.4% on monthly basis and by +1.0% on annual basis (from +1.2% in December), confirming the flash estimate.

Support to inflation is mainly due to the dynamics of prices of Unprocessed food (+2.5%) and Processed food including alcohol (+1.9%), 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) was +1,7% and inflation excluding energy was +1.9%

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

The month-on-month increase in the overall index (+0.4%) was mainly due to the prices of Regulated energy products (+8.9%), of Services related to housing (+1.9%), of Unprocessed food (+1.2%), of Processed food including alcohol (+0.6%), of Non-regulated energy products (+1.1%), Durable goods (+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 (-3.8%).

In January 2026 the Italian harmonised index of consumer prices (HICP) 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).