Italy: Harmonized inflation comes in at highest level since our records began

Harmonized inflation came in at 12.5% in October, which was up from September’s 9.4%. October's reading marked the highest inflation rate since our current records began. The acceleration was primarily driven by rising prices for food and non-alcoholic beverages. In addition, price pressures for housing and utilities grew at a faster rate.

Annual average harmonized inflation rose to 7.3% in October (September: 6.6%). Meanwhile, consumer price inflation rose to 11.8% in October, from September’s 8.9%.

Finally, harmonized consumer prices increased 3.77% over the previous month in October, picking up from September's 1.62% rise.

FocusEconomics panelists expect harmonized inflation to average 5.4% in 2023, which is unchanged rom the previous month’s projection. For 2024, panelists expect harmonized inflation to average 2.0%.