Consumer prices - May 2026

In May 2026 the Italian consumer price index for the whole nation (NIC) was +0.4% compared with the previous month and +3.2% on annual basis (up from +2.7%), confirming the flash estimate.

The acceleration of inflation was mainly due to the dynamics of prices of Non-regulated energy products (from +9.6% to +12.5%), of Regulated energy products (from +5.3% to +5.6%), of Services related to transport (from +0.6% to +1.7%) and of Services related to recreation, including repair and personal care (from +2.6% to +3.0%).

Core inflation (excluding energy and unprocessed food) was +1.7% (from +1.6%) and inflation excluding energy was +2.1% (from +1.9%).

As for Goods, the year on year growth rate was +3.4% (up from +3.1%) and for Services the annual rate of change was +2.8% (up from +2.4%). As a consequence, the inflationary gap between Services and Goods was -0.6 percentage points (from -0.7 in the previous month).

The month-on-month increase in the overall index was mainly due to the prices of Services related to recreation, including repair and personal care (+1.4%), of Non-regulated energy products (+0.4%), of Unprocessed food and of Regulated energy products (+0.3% both); on the othe hand, prices are risign compared to the previous month for Services related to transport (-0.6%).

In May 2026 the Italian harmonised index of consumer prices (HICP) recorded a month-on-month change of +0.3% and a year-on-year increase of +3.2% (from +2.8% in the previous month); the flash estimate was +3.3%.