FX.co ★ Italy Inflation Eases More Than Expected

Italy’s headline inflation eased to 3.0% in June 2026 from 3.2% in May, according to a preliminary estimate. The figure came in below market expectations of 3.1% and represented the first slowdown in consumer price growth since January, suggesting that the inflationary surge linked to the war in the Middle East may have peaked as wholesale energy prices retreated.

Price increases moderated for non-processed food (4.5% vs 5.5% in May), cultural and recreational services (2.7% vs 3.0%), and transport services (1.1% vs 1.7%). However, higher energy prices in global commodity markets, driven by supply constraints in the Middle East, continued to filter through to Italian consumers. Inflation accelerated for both regulated energy (9.3% vs 5.6%) and unregulated energy (12.9% vs 12.5%).

Because the inflation pickup was largely confined to the energy component, core inflation eased slightly to 1.6% from 1.7%. On a monthly basis, consumer prices in Italy were flat.