Italy EU-harmonised CPI jumps to 3.3% y/y in May, slightly above forecast

ROME - Italian EU-harmonised consumer prices (HICP) rose by 0.4% in May from the month before, with the annual inflation rate surging to 3.3% from 2.8% in April amid increasing energy costs due to turmoil in the Middle East, preliminary data showed on Friday.

The reading was slightly above a median forecast in a Reuters survey of 17 analysts which pointed to an increase of 0.3% month-on-month and a year-on-year rise of 3.2%.

Official statistics agency ISTAT also reported that the main domestic price index (NIC) was up 0.4% month-on-month in May and up 3.2% annually, following a 2.7% annual increase in April.

Core inflation (net of fresh food and energy) was running at 1.8% year-on-year on the HICP index in May, accelerating from 1.6% in April.

ISTAT gave the following preliminary breakdown:

May April March

The EU-harmonised index (HICP):

Monthly change 0.4 1.6 1.7

Year-on-year inflation 3.3 2.8 1.6

Index (base 2025=100) 103.7 103.3 101.7

The NIC index:

Monthly change 0.4 1.1 0.5

Year-on-year inflation 3.2 2.7 1.7

Index (base 2025=100) 103.1 102.7 101.6

(Reporting by Antonella Cinelli, editing by Gavin Jones)

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This story was originally published May 29, 2026 at 2:24 AM.