Italy’s annual inflation slowed to 1.1% in November 2025, revising lower from preliminary estimates and October’s 1.2%. This marked the lowest level since October 2024, driven by a sharp drop in regulated energy prices (–3.2% vs -0.5% in October), alongside softer increases in unprocessed food (1.1% vs 1.9%), processed food (2.1% vs 2.5%), transport services (0.9% vs 2.0%), and recreational, cultural, and personal care services (3.0% vs 3.3%). Goods inflation also slowed to 0.1% from 0.2% and services inflation cooled to 2.3% from 2.6%. These effects were partly offset by a smaller decline in unregulated energy prices (-4.3% vs -4.9%). Meanwhile, core inflation eased to an eight-month low of 1.7% from 1.9%. On a monthly basis, consumer prices fell 0.2%, consistent with initial estimates, following a 0.3% drop in October. The harmonized consumer prices rose 1.1% on an annual basis, and fell 0.2% on a monthly basis.