Italy Inflation November 2022


Italy: Harmonized inflation inches down in November

December 5, 2022

Harmonized inflation came in at 12.5% in November, which was down from October’s 12.6% but exceeded market expectations. October's reading had marked the highest inflation rate since our current records began. Slower increases in prices of non-regulated energy products, unprocessed food and services related to transport more than offset a faster increase in prices of regulated energy products.

Annual average harmonized inflation rose to 8.0% in November (October: 7.3%). Meanwhile, consumer price inflation was stable at October’s 11.8% in November.

Finally, harmonized consumer prices increased 0.6% over the previous month in November, slowing from October's 3.8% rise.

Commenting on the release, Paolo Pizzoli, senior economist at ING, stated:

“Looking ahead, we suspect that the energy component might have reached its peak, but will remain exposed to the vagaries of administrative decisions. For instance, the current €0.30 rebate on fuels will be reduced to €0.18 from December, which will have an impact on the headline measure. More encouragingly, in October producer price inflation recorded a clear deceleration to 28% YoY from 41.7% in September, suggesting that price pressures in the pipeline started to finally cool down.”

FocusEconomics panelists see harmonized inflation averaging 6.0% in 2023, which is up 0.5 percentage points from the previous month’s estimate, and 2.1% in 2024.


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Italy Inflation Chart

Italy Inflation November 2022

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

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