FX.co ★ Italy’s HICP Slides 1.0% in January, Reversing December’s Modest Gain

Italy’s Harmonised Index of Consumer Prices (HICP) fell sharply in January 2026, dropping 1.0% month‑on‑month, according to data updated on 4 February 2026. The decline marks a notable reversal from December 2025, when prices had inched up by 0.2% compared with November.

The month‑over‑month comparison underscores a swift cooling in price dynamics at the start of the year. While December’s 0.2% rise suggested modest inflationary pressure, January’s 1.0% contraction signals a broad-based monthly deflation in the Italian price index as measured on the EU‑harmonised basis.