FX.co ★ Italian Core Inflation (Ex Tobacco) Accelerates to 2.6% YoY in April

Italy’s core consumer price inflation excluding tobacco accelerated in April 2026, signaling rising underlying price pressures in the euro area’s third-largest economy.

According to the latest data updated on 15 May 2026, the Italian CPI Ex Tobacco rose 2.6% year-over-year in April, up from 1.5% in March 2026. Both figures measure price changes relative to the same month a year earlier, indicating that the pace of core inflation has strengthened noticeably at the start of the second quarter.

The sharp increase in the year-over-year rate suggests that underlying inflationary trends—stripped of tobacco-related volatility—are firming after a more subdued period. Investors and policymakers are likely to watch upcoming releases closely for signs of whether this pickup in core inflation proves temporary or marks the beginning of a more sustained trend.