Italy’s annual inflation rate accelerated to 5.4% in October 2026, up from 4.2% in September, according to preliminary estimates. The reading marked the highest level since September 2023 and significantly exceeded market expectations of 4.6%. On a monthly basis, consumer prices rose by 0.9%, accelerating from a 0.7% increase in the previous month. Harmonised inflation (HICP) also picked up sharply, reaching 5.6% year on year, its highest level in three years, compared with 4.2% in September. Month on month, HICP increased by 1.2%, following a 2.1% rise in September.