Italy’s annual inflation rate accelerated to 4.2% in September 2026 from 3.3% in August, according to preliminary estimates, exceeding market expectations of 3.8%. The reading was the highest since September 2023. Energy inflation rose for both regulated and non-regulated products, while price growth also quickened for unprocessed food and transport. Core inflation, which excludes energy and unprocessed food, increased to 1.7% from 1.5%, and inflation excluding energy rose to 2.0% from 1.7%. Consumer prices climbed 0.7% month-on-month, compared with 0.5% in August. HICP (the EU-harmonized inflation measure) accelerated to 4.1% from 3.2%, its highest level in three years, and rose 2% month-on-month, reflecting summer sales excluded from the headline rate.