Italy Inflation May 2022


Italy: Inflation comes in at highest level since 1986

June 16, 2022

Consumer prices increased 0.82% in May over the previous month, contrasting April's 0.09% fall. The higher print was largely due an acceleration of prices for non-regulated energy products as well as for recreation and culture.

Inflation came in at 6.8% in May, which was up from April’s 6.0%. May's figure marked the highest inflation rate since 1986. Annual average inflation rose to 4.0% in May (April: 3.6%). Finally, harmonized inflation rose to 7.3% in May, from April’s 6.3%.

Looking ahead to June, recent cuts to fuel excise tax, as well as electricity and gas tariffs will reduce upward pressure on inflation. That said, elevated prices for crude oil and natural gas will likely keep inflation elevated.

FocusEconomics panelists see harmonized inflation averaging 6.3% in 2022, which is down 0.1 percentage points from the previous month’s estimate, and 2.3% in 2023.


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Italy Inflation Chart

Italy Inflation May 2022

Note: Year-on-year and month-on-month var. of consumer price index in %.
Source: National Statistical Institute (Istat).

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