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Italy Inflation

Italy Inflation

Inflation in Italy

Italy's inflation rates from 2013 to 2022 generally remained low, often below 2%, reflecting the broader economic trends in the Euro area. The country's economic growth was subdued, which contributed to muted price pressures. However, inflation spiked in 2021 and 2022 due to global supply constraints, a bounceback in domestic demand and surging commodity prices in the wake of Russia's invasion of Ukraine.

Harmonized consumer price inflation averaged 1.5% in the ten years to 2022, below the Euro Area average of 1.8%. The 2022 average figure was 8.7%. For more inflation information, visit our dedicated page.

Italy Inflation Chart

Note: This chart displays Inflation (HICP, ann. var. %, aop) for Italy from 2014 to 2023.

Italy Inflation Data

2018 2019 2020 2021 2022
Inflation (HICP, ann. var. %, aop) 1.3 0.6 -0.1 2.0 8.7
Inflation (CPI, ann. var. %, eop) 1.1 0.5 -0.2 3.9 11.6
Inflation (HICP, ann. var. %, eop) 1.1 0.4 -0.2 4.2 12.3
Inflation (PPI, ann. var. %, aop) 3.3 0.2 -3.3 10.7 34.4

Harmonized inflation falls to over two-year low in December

Harmonized inflation inched down to 0.6% in December, edging down from November’s 0.7%. December's reading represented the lowest inflation rate since March 2021. Looking at the details of the release, prices for food and non-alcoholic beverages increased at a slower pace in December, as did prices for transportation. Meanwhile, housing and utilities prices fell at a milder pace. In addition, the trend pointed down, with annual average harmonized inflation coming in at 5.9% in December (November: 6.9%). Meanwhile, consumer price inflation edged down to 0.6% in December, from the previous month's 0.7%. Lastly, harmonized consumer prices rose 0.14% in December over the previous month, contrasting the 0.55% drop recorded in November.

Consensus Forecasts and Projections for the next ten years

How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Italian inflation projections for the next ten years from a panel of 32 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable inflation forecast available for Italian inflation.

Download one of our sample reports to visualize what a Consensus Forecast is and see our Italian inflation projections.

Want to get access to the full dataset of Italian inflation forecasts? Send an email to

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