Italy’s annual inflation rate accelerated sharply to 2.7% in April 2026, up from 1.7% in March and just below the preliminary estimate of 2.8%. This marks the highest level since 2023, driven largely by a strong rebound in energy prices (9.2% versus -2.1%), in both regulated (9.6% versus -2%) and unregulated (5.3% versus -1.6%). Goods inflation accelerated to 3.1% from 0.8% in March, supported by faster growth in unprocessed food prices (5.9% versus 4.7%). In contrast, services inflation slowed (2.4% versus 2.8%), reflecting slower price increases for recreational, cultural, and personal care services (2.6% versus 3%) and transports (0.6% versus 2.2%). Meanwhile, annual core inflation slowed to 1.9% from 2.1%. Harmonized inflation (HIPC) accelerated (2.8% versus 1.6%). On a monthly basis, consumer prices rose 1.1%, slightly below estimates of a 1.2% rise but up notably from 0.5% in March, marking the strongest monthly increase since October 2022.