FX.co ★ Italy May Inflation Confirmed at 3.2%

Italy’s headline inflation rate quickened to 3.2% in May 2026 from 2.7% in April, matching the preliminary estimate and reaching its highest level since September 2023. The acceleration mirrored developments in other major Eurozone economies, as tighter oil and gas supplies following the outbreak of conflict in the Middle East drove up energy costs for import-dependent countries.

Prices for non-regulated energy recorded a sharp increase (12.5% vs 9.6% in April), while regulated energy prices also rose (5.6% vs 5.3%). Inflation picked up for transport-related services (1.7% vs 0.6%) and for recreational, cultural, and personal care services (3.0% vs 2.6%).

Core inflation edged up to 1.7% from 1.6%, and inflation excluding only energy climbed to 2.1% from 1.9%. On a monthly basis, the consumer price index (CPI) increased by 0.4%, following a 1.1% rise in April. The harmonised index of consumer prices (HICP) also advanced 3.2% year-on-year, after 2.8% in April, and was up 0.3% on the month.