January inflation slows to 1% in Italia, driven by food prices and housing services
Prices of services related to housing and tobacco also rose
Key points
In January, according to preliminary ISTAT estimates, the national consumer price index for the entire collectivity (NIC), gross of tobacco products, recorded a change of +0.4% on a monthly basis and +1.0% on an annual basis (from +1.2% in December). Inflation was supported mainly by the price dynamics of food, unprocessed (+2.5%) and processed goods (+2.2%), and the prices of services related to housing (+4.4%), tobacco (+3.3%) and recreational, cultural and personal care services (+3.0%).
Core inflation at 1.8%
In January, core inflation, net of energy and fresh food, was +1.8% and that net of energy goods alone was +1.9%. In January 2026, the prices of goods changed by -0.2% year-on-year, while the prices of services rose by +2.5% year-on-year. The differential between the services and goods sectors is therefore +2.7 percentage points.
Expenditure cart +2.1%
Prices for Food, Household and Personal Care increased - the shopping cart - by 2.1% compared to January 2025. The year-on-year change in the overall index (+0.4%) is mainly affected by price increases in Regulated Energies (+8.7%), Housing-related Services (+1.9%), Unprocessed (+1.2%) and Processed (+0.9%) Food, Unregulated Energies (+0.8%), and Recreational, Cultural and Personal Care Services (+0.7%). The only reduction on a cyclical basis is recorded for prices of Transport services (-3.7%). Acquired inflation for 2026 is +0.4% for the general index (it was zero in December) and +0.5% for the core component (+0.2% in December). According to preliminary estimates, the Harmonised Index of Consumer Prices (HICP) changed by -1.0% on a monthly basis and by +1.0% on an annual basis (from +1.2% in the previous month).
Eurozone inflation in January drops to 1.7%
Eurozone inflation in January fell to 1.7 per cent from 2 per cent in December. This is what Eurostat said in its first 'flash' estimate for the month. Italia's value (at 1% from 1.2% in December) is among the lowest after the 0.4% marked by France. Today the EU statistical office updates the method of calculating the Harmonised Index of Consumer Prices (HICP).
