FX.co ★ Italy’s HICP Rebounds in February, Snapping Deflationary Trend

Italy’s Harmonised Index of Consumer Prices (HICP) swung back into positive territory in February 2026, rising 0.6% month-over-month after a 1.0% decline in January. The latest data, updated on 3 March 2026, mark a clear reversal from the previous month’s deflationary reading.

In January 2026, the HICP had fallen by 1.0% compared with December, signaling a notable drop in consumer prices. February’s 0.6% increase versus January suggests renewed upward pressure on prices and a partial offset of the earlier decline. On a month-over-month basis, this shift indicates a stabilizing price environment after a bout of short-term weakness.

The month-over-month comparison underscores the contrast between the two periods: while January’s reading reflected a contraction in prices, February’s outcome points to a return of inflationary dynamics, which will be closely watched by policymakers and market participants assessing Italy’s near-term price trends.