FX.co ★ Italy’s Harmonised Inflation Slows to 1.0% in January, Easing From December’s 1.2%

Italy’s Harmonised Index of Consumer Prices (HICP) inflation rate eased in January 2026, slipping to 1.0% year-over-year from 1.2% in December 2025. The latest figure, updated on 04 February 2026, indicates a slight cooling in price pressures at the start of the year.

Both the current and previous readings are calculated on a year-over-year basis, comparing each month to the same month a year earlier. The January 2026 slowdown suggests that inflation, as measured on the harmonised European Union standard, is maintaining a relatively moderate trajectory after the marginally higher pace recorded in December.