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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.
Source: Macrobond.
Italy Inflation Data
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Inflation (HICP, ann. var. %, aop) | 0.6 | -0.1 | 2.0 | 8.7 | 5.9 |
| Inflation (CPI, ann. var. %, eop) | 0.5 | -0.2 | 3.9 | 11.6 | 0.6 |
| Inflation (HICP, ann. var. %, eop) | 0.4 | -0.2 | 4.2 | 12.3 | 0.6 |
| Inflation (PPI, ann. var. %, aop) | 0.2 | -3.3 | 10.7 | 34.4 | -5.6 |
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 36 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 info@focus-economics.com.
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