FX.co ★ Italy’s HICP Rebounds in March, Accelerating to 1.6% Month-on-Month

Italy’s Harmonised Index of Consumer Prices (HICP) accelerated sharply in March 2026, with the month-on-month rate rising to 1.6%, up from 0.5% in February 2026. The latest data, updated on 31 March 2026, point to a notable pickup in price momentum after a relatively subdued reading in the previous month.

On a month-over-month basis, the March figure reflects a stronger inflation pulse compared with February, when prices had increased by just 0.5% over January. The comparison underscores a clear shift in the short-term inflation trend, as the “actual” monthly change in March significantly outpaced the “previous” monthly change recorded in February.

The use of the HICP, harmonised across EU member states, allows for consistent comparison within the euro area. While the detailed drivers behind the March jump are not provided in the current data, the move from 0.5% to 1.6% suggests that inflationary pressures in Italy strengthened notably as the first quarter of 2026 came to a close.