Italy’s annual inflation rate experienced a significant rise in October, reaching 5.4%, up from 4.2% in September. This increase marks the highest level of inflation since August 2023, driven primarily by soaring energy prices linked to the ongoing Iran conflict.
Energy costs surged remarkably, with their annual growth rate jumping from 22.6% in September to 31.4% in October. Within the energy sector, prices for regulated products escalated dramatically from 25.8% to 59.5%, while non-regulated energy prices rose from 22.5% to 29.4%.
Additionally, food prices contributed to the inflationary pressures. Unprocessed food inflation increased from 5.5% to 7.5%, and processed food prices, which include alcohol, saw a smaller annual decrease of 0.2%, compared to a 0.6% decline previously.
The transportation sector also saw a notable rise in costs, with service prices inflating from 1.6% to 3.1%. These increases underline the mounting pressure on Italian households as the consumer price index climbed by 0.9% in October compared to the preceding month, reflecting the strain of rising living expenses.