Italy Inflation December 2021


Italy: Inflation comes in at highest level since August 2008 in December

January 5, 2022

Consumer prices increased 0.38% in December over the previous month, which was below the 0.57% rise recorded in November. December's result marked the weakest reading since September. Looking at the details of the release, prices for food and non-alcoholic beverages rose at a slower pace in December. In addition, prices for utilities grew at a more subdued pace. However, recreation and culture returned to growth following the previous month's decline and prices for transportation increased at a faster pace.

Inflation came in at 3.9% in December, up from November’s 3.7%. December's result represented the highest inflation rate since August 2008. Meanwhile, the trend pointed up, with annual average inflation coming in at 1.9% in December (November: 1.5%). Finally, harmonized inflation rose to 4.2% in December, from the previous month's 3.9%.

FocusEconomics panelists expect harmonized inflation to average 2.2% in 2022, which is up 0.4 percentage points from the previous month’s projection. For 2023, panelists expect harmonized inflation to average 1.3%.


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Italy Inflation Chart

Italy Inflation December 2021

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

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