FX.co ★ Italian Core Inflation (Ex Tobacco) Accelerates to 3.4% in August 2026

Italy’s consumer price index excluding tobacco rose 3.4% year-over-year in August 2026, marking an acceleration from the 2.8% annual increase recorded in July 2026.

The data, updated on 16 September 2026, show that underlying price pressures strengthened over the summer, with the August reading comparing price changes in August 2026 to the same month a year earlier. The July figure similarly reflected a year-over-year comparison between July 2026 and July 2025.

The uptick in the ex-tobacco CPI suggests a firmer inflation trend in core components of the Italian consumer basket, underscoring a shift from the more moderate pace observed in July and potentially sharpening the focus of policymakers and market participants on the trajectory of price growth into the autumn months.