The annual inflation rate in Italy came at 2.9% in July 2026, revised up from a preliminary estimate of 2.8% but slightly down from 3.0% in June. It marked the second moderation since the rate climbed to a more than two-year high of 3.2% in May, as the temporary resumption of energy exports from the Middle East helped ease price pressures during the period. Non-regulated energy inflation, which is more responsive to movements in global benchmarks, slowed to 11.4% from 13.3% in June. Price growth also eased for unprocessed food products (3.6% vs 4.4%) and miscellaneous services (1.8% vs 2.5%). Conversely, inflation picked up for regulated energy (14.8% vs 9.2%), transport-related services (1.6% vs 1.1%), and recreational, cultural and personal care services (3.0% vs 2.7%). On a monthly basis, consumer prices rose 0.3%, following a flat reading in June. Core inflation, which excludes energy eased to 1.8% from 1.9%.