Inflation Italy 2023
Average inflation: 5.7%
Current Inflation
Inflation is very high at 5.7%, far above the ECB target.
Peak and Trough
The highest inflation was in January at 10.0%. The lowest inflation was in December at 0.6%.
- Highest month
- January: 10.0%
- Lowest month
- December: 0.6%
- Difference
- 9.4 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Food and non-alcoholic beverages with an average of 10.1%. The lowest price increase was in Communication with an average of 0.1%.
- Highest increase
- Food and non-alcoholic beverages: 10.1%
- Lowest increase
- Communication: 0.1%
Historical Context
Current inflation is 2.4% higher than the 5-year average of 3.3%.
- 5-year average
- 3.3%
- 10-year average
- 1.9%
- All-time high (2022)
- 8.2%
- All-time low (2020)
- -0.1%
Trend
Inflation shows an upward trend. Compared to 2022, inflation has risen by -2.5 percentage point.
- Change vs. previous year
- -2.5 percentage points
- Largest monthly swing
- November: -11.1 percentage points
ECB Target
Inflation is 3.7% above the ECB target of 2.0%. This means purchasing power is declining faster than intended.
Purchasing Power
At this high inflation rate, purchasing power rapidly decreases. This has a major impact on households, especially without adequate salary increases.
What you could buy for €100 this year will cost approximately €105.70 next year at this inflation rate.
Multi-year trend
Monthly figures 2023
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2022 |
|---|---|---|
| January | 10.0% | +5.2 |
| February | 9.1% | +3.4 |
| March | 7.6% | +1.1 |
| April | 8.2% | +2.2 |
| May | 7.6% | +0.8 |
| June | 6.4% | -1.6 |
| July | 5.9% | -2.0 |
| August | 5.4% | -3.0 |
| September | 5.3% | -3.6 |
| October | 1.7% | -10.1 |
| November | 0.7% | -11.1 |
| December | 0.6% | -11.0 |
| Average | 5.7% |
Data source
Data from OECD. Last updated: 11/01/2026.