Consumer prices (provisional data) - October 2025

According to preliminary estimates, in October 2025 the Italian consumer price index for the whole nation (NIC) was -0.3% compared with the previous month and +1.2% on annual basis (from +1.6% in the previous month).

The slow down of the annual inflation rate was mainly due to the prices of Regulated energy products (from +13.9% to -0.8%), of Unprocessed food (from +4.8% to +1.9%) and, to a lesser extent, of Services related to transport (from +2.4% to +2.0%). At the opposite, an upward contribution to the inflation rate came from the prices of Services related to recreation, including repair and personal care (from +3.1% to +3.3%).

In October 2025, core inflation (excluding energy and unprocessed food) was +2.0% (as same as in the previous month) and inflation excluding energy was +2.0% (down from +2.1% in September).

As for Goods, the year on year growth rate was +0.2% (from +0.6% in September) and for Services the annual rate of change remains stable at +2.6%. As a consequence, the inflationary gap between Services and Goods increased (from +2.0 percentage points in September to +2.4).

The prices of Grocery and unprocessed food increased by 0.2 on monthly basis and by 2.3% on annual basis (down from +3.1% in the previous month).

The decrease on monthly basis was mainly due to the prices of Regulated energy products (-6.7%), of Services related to recreation, including repair and personal care (-1.2%), of Non-regulated energy products (-0.8%), of Durable goods, of Services related to communication and of Services related to transport (-0.3% all three); on the other hand the prices of Processed food including alcohol (+0.4%) and of Services related to housing (+0.3%) increased.

In October 2025, according to preliminary estimates, the Italian harmonised index of consumer prices (HICP) decreased by 0.2% on monthly basis and increased by 1.3% on annual basis (from +1.8% in the previous month).