FX.co ★ Italy’s Core Inflation (Ex Tobacco) Accelerates to 3.0% YoY in May 2026

Italy’s consumer prices excluding tobacco rose 3.0% year-over-year in May 2026, up from 2.6% in April, signaling a pickup in underlying inflationary pressures in the euro area’s third-largest economy.

The latest reading, updated on 16 June 2026, reflects a comparison of May 2026 prices with those of May 2025, while the previous figure measured April 2026 against April 2025. The acceleration suggests that core inflation, excluding the often-volatile tobacco component, is gaining momentum after a more moderate pace in the prior month.

The move from 2.6% to 3.0% year-over-year will be closely watched by market participants and policymakers as they assess the trajectory of Italian price dynamics and the broader inflation outlook within the eurozone.