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Italy Inflation January 2023

Italy: Harmonized inflation declines to lowest level since September 2022 in January

Harmonized inflation fell to 10.7% in January, following December’s 12.3%. January’s figure represented the weakest inflation rate since September 2022. The figure was largely driven by softer growth in prices for food and non-alcoholic beverages. Moreover, prices for recreation grew at a more subdued pace.

The trend pointed up, with annual average harmonized inflation coming in at 9.2% in January (December: 8.7%). Meanwhile, consumer price inflation fell to 10.0% in January, from the previous month’s 11.6%.

Lastly, harmonized consumer prices fell 1.45% in January over the previous month, contrasting the 0.28% increase seen in December. January’s result marked the weakest reading since January 2020.

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