Italy’s annual inflation rate jumped to 5.4% in October, a significant rise from 4.2% in September, marking the highest level since August 2023. This surge is primarily attributed to escalating energy prices, largely influenced by geopolitical tensions such as the ongoing conflict involving Iran.
Energy costs have soared, with their annual growth rate increasing sharply from 22.6% in September to 31.4% in October. The prices of regulated energy products experienced a dramatic rise, climbing from 25.8% to an astonishing 59.5%. Similarly, non-regulated energy prices saw a substantial increase from 22.5% to 29.4%.
Beyond energy, food prices also played a role in the inflationary trend. Unprocessed food inflation rose from 5.5% to 7.5%. Meanwhile, processed food prices, including alcohol, showed a smaller annual decline of 0.2% compared to the previous 0.6% decrease. Additionally, the cost of transport-related services increased, with inflation in this sector going up from 1.6% to 3.1%.
The overall consumer price index in Italy rose by 0.9% in October compared to the previous month. This increase underscores the ongoing pressure on household budgets as living costs continue to climb.