16.10.202609:00:00UTC+00Italy’s Core Inflation Ticks Up as CPI ex Tobacco Climbs to 4.0% in September

Italy’s core inflation pressures strengthened in September 2026, with the Consumer Price Index excluding tobacco rising 4.0% year-over-year, up from 3.4% in August. The data, updated on 16 October 2026, highlight a renewed pickup in underlying price growth after a more moderate reading in the previous month.

On a year-over-year basis, the September figure measures price changes compared with the same month in 2025, while August’s 3.4% reading reflected a similar comparison with August of the prior year. The move from 3.4% to 4.0% suggests that inflation excluding the more volatile tobacco component is gaining momentum, potentially reinforcing concerns about persistent price pressures in the Italian economy.

The acceleration in the CPI ex tobacco is likely to draw attention from policymakers and market participants monitoring the trajectory of core inflation as they assess the durability of price increases and their implications for interest rates, real incomes and broader economic conditions in Italy.