Italy’s inflation rate jumped to 5.4% in October, marking a significant rise from September’s 4.2% and reaching its highest level since August 2023. This surge was primarily driven by escalating energy prices, which have been influenced by the ongoing conflict involving Iran.
The annual growth rate of energy prices saw a substantial increase, climbing from 22.6% in September to 31.4% in October. Particularly notable was the drastic rise in prices of regulated energy products, which surged from 25.8% to a staggering 59.5%. Non-regulated energy prices also experienced a notable increase, rising from 22.5% to 29.4%.
In addition to energy, food prices contributed to the overall inflationary trend. Unprocessed food inflation increased from 5.5% to 7.5%. Meanwhile, processed food prices, including alcohol, showed a smaller annual decline of 0.2%, an improvement from the previous 0.6% decline.
Transport-related services also felt the impact of inflation, with prices rising from 1.6% to 3.1%. Overall, Italy’s consumer price index went up by 0.9% in October compared to the previous month, underscoring the ongoing pressure on household budgets due to rising living costs.