FX.co ★ Italy’s HICP Inflation Cools Sharply to 0.4% in May, Down from 1.6% in April

Italy’s Harmonised Index of Consumer Prices (HICP) registered a marked slowdown in May 2026, with the month-over-month rate easing to 0.4%, down from 1.6% in April. The latest reading, updated on 29 May 2026, signals a notable deceleration in price growth compared with the previous month’s momentum.

The figures compare monthly changes, with May’s 0.4% increase measured against April, while April’s 1.6% rise was measured versus March. This sharp moderation suggests that the surge in prices seen earlier in the spring has cooled, potentially easing immediate inflationary pressures within the Italian economy and offering some relief to consumers and policymakers tracking short‑term price dynamics.