Inflation in Italy

Italy - Harmonized Inflation (end of period)
Pace of decline in annual prices moderates in December
Consumer prices increased 0.3% month-on-month in December, contrasting November’s 0.1% decrease. The figure mainly reflected higher prices for non-regulated energy products and services related to transport.
Meanwhile, prices were 0.1% lower from the same month of the previous year, following November’s 0.2% year-on-year drop.
Core consumer prices, which exclude more volatile categories such as unprocessed food and energy, rose 0.3% from the previous month in December, contrasting November’s 0.2% fall. Meanwhile, core inflation rose from 0.4% in November to 0.7% in December, while harmonized prices fell 0.3% compared the same period of 2019, matching November’s drop.
FocusEconomics panelists expect harmonized inflation to average 0.6% in 2021, which is down 0.2 percentage points from the previous month’s projection. For 2022, panelists expect harmonized inflation to average 1.0%.
Italy - Harmonized Inflation (eop) Data
2015 | 2016 | 2017 | 2018 | 2019 | |
---|---|---|---|---|---|
Inflation Rate (HICP, annual variation in %, eop) | 0.1 | 0.6 | 1.0 | 1.2 | 0.4 |
Italy Harmonized Inflation (eop) Chart

Source: National Statistical Institute (ISTAT) and FocusEconomics calculations.
Italy Facts
Value | Change | Date | |
---|---|---|---|
Bond Yield | 1.31 | -0.40 % | Jan 01 |
Exchange Rate | 1.12 | 0.65 % | Dec 31 |
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Economic News
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Italy: Industrial production shrinks in November
January 13, 2021
Industrial output decreased 1.4% in November on a month-on-month, seasonally-adjusted basis.
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Italy: Pace of decline in annual prices moderates in December
January 7, 2021
Consumer prices increased 0.3% month-on-month in December, contrasting November’s 0.1% decrease.
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Italy: Business confidence ticks up in December
January 4, 2021
The National Institute of Statistics (Istat)’s composite business confidence indicator (Clima di Fiducia delle Imprese Italiane, IESE)—which covers the manufacturing, construction, market services and retail sectors—rose from 83.3 in November to 87.7 in December. The increase was driven by an improvement in sentiment in the manufacturing and market services sectors more than offsetting falling sentiment in the construction and retail trade sectors.
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Italy: Consumer confidence improves in December
January 4, 2021
The consumer confidence index rose to 102.4 in December from 98.4 in November. December’s strengthening was broad based.
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Italy: Manufacturing conditions improve in December
January 4, 2021
The IHS Markit manufacturing Purchasing Managers’ Index (PMI) rose to 52.8 in December from 51.5 in November.