Consumer prices - July 2026

In July 2026 the Italian consumer price index for the whole nation (NIC) was +0.3% compared with the previous month and +2.9% on annual basis (down from +3.0%); the flash estimate was 2.8%.

The slight slowdown in inflation reflects the price dynamics of Non-regulated energy products (from +13.3% to +11.4%), of Unprocessed food (from +4.4% to +3.6%) and of Services miscellaneous (from +2.5% to +1.8%). By contrast, prices for Regulated energy products (from +9.2% to +14.8%), of Services related to transport (from +1.1% to +1.6%) and of Services related to recreation, including repair and personal care (from +2.7% to +3.0%) accelerated.

As for Goods, the year on year growth rate was +3.2% (down from +3.3%) and for Services the annual rate of change was +2.7% (up from +2.6%). As a consequence, the inflationary gap between Services and Goods was -0.5 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 Regulated energy products (+6.5%), of Services related to transport (+1.4%), of Services related to recreation, including repair and personal care (+0.6%), of Non-regulated energy products (+0.5%), of Processed food including alcohol and of Services related to housing (+0.3 both); on the othe hand, prices of Unprocessed food (-1.3%) decreased.

In July 2026 the Italian harmonised index of consumer prices (HICP) recorded a month-on-month change of -1.0% (due to the summer sales not considered by NIC) and a year-on-year increase of +2.9% (from +3.0% in the previous month), confirming the flash estimate.