{"version":1,"asset_type":"statistical_series","data_type":"time_series","slug":"it-hicp-price-index","url":"https://apiardata.com/statistics/it-hicp-price-index","html_url":"https://apiardata.com/statistics/it-hicp-price-index/","title":"Italy HICP Price Index (2025)","description":"Italy's HICP Price Index: 124.3 Index (annual average) in 2025, +1.6% YoY. Eurostat (PRC_HICP_AIND), 2005–2025.","domain":"prices","category":"Prices & Inflation","keywords":["Prices & Inflation","Eurostat","European Union","2025"],"publisher":"Eurostat","frequency":"Annual","geography":"Italy","temporal_coverage":"2005/2025","unit":"Index (annual average)","last_updated":"2026-04-14","last_updated_text":"14 April 2026","data_as_of":"2025","variable_measured":"Italy HICP Price Index","license":"https://apiardata.com/data-license","is_accessible_for_free":true,"sources":[{"name":"Eurostat","url":"https://ec.europa.eu/eurostat/databrowser/view/PRC_HICP_AIND/default/table"}],"meta":[{"label":"Frequency","value":"Annual"},{"label":"Coverage","value":"2005–2025"},{"label":"Observations","value":"21"},{"label":"Geography","value":"Italy"},{"label":"Last updated","value":"14 April 2026"}],"kpis":[{"label":"Italy (2025)","value":"124.3","unit":"Index (annual average)","trend":{"direction":"up","value":"+1.6% YoY"}},{"label":"YoY Change","value":"+1.6%","unit":"Index (annual average)"},{"label":"Trend","value":"up","unit":""},{"label":"Series length","value":"21","unit":"years of data"}],"series":[{"key":"value","label":"Italy HICP Price Index"}],"observation_count":21,"observations":[{"period":"2005","value":83.7},{"period":"2006","value":85.6},{"period":"2007","value":87.3},{"period":"2008","value":90.4},{"period":"2009","value":91.1},{"period":"2010","value":92.6},{"period":"2011","value":95.3},{"period":"2012","value":98.4},{"period":"2013","value":99.7},{"period":"2014","value":99.9},{"period":"2015","value":100},{"period":"2016","value":99.9},{"period":"2017","value":101.3},{"period":"2018","value":102.5},{"period":"2019","value":103.2},{"period":"2020","value":103},{"period":"2021","value":105},{"period":"2022","value":114.2},{"period":"2023","value":120.9},{"period":"2024","value":122.3},{"period":"2025","value":124.3}],"table":{"columns":[{"key":"year","label":"Year"},{"key":"value","label":"Index (annual average)"},{"key":"yoyChange","label":"YoY Change"}],"rows":[{"year":"2025","value":"124.3","yoyChange":"+1.6%"},{"year":"2024","value":"122.3","yoyChange":"+1.2%"},{"year":"2023","value":"120.9","yoyChange":"+5.9%"},{"year":"2022","value":"114.2","yoyChange":"+8.8%"},{"year":"2021","value":"105.0","yoyChange":"+1.9%"},{"year":"2020","value":"103.0","yoyChange":"-0.2%"},{"year":"2019","value":"103.2","yoyChange":"+0.7%"},{"year":"2018","value":"102.5","yoyChange":"+1.2%"},{"year":"2017","value":"101.3","yoyChange":"+1.4%"},{"year":"2016","value":"99.9","yoyChange":"-0.1%"},{"year":"2015","value":"100.0","yoyChange":"+0.1%"},{"year":"2014","value":"99.9","yoyChange":"+0.2%"},{"year":"2013","value":"99.7","yoyChange":"+1.3%"},{"year":"2012","value":"98.4","yoyChange":"+3.3%"},{"year":"2011","value":"95.3","yoyChange":"+2.9%"},{"year":"2010","value":"92.6","yoyChange":"+1.6%"},{"year":"2009","value":"91.1","yoyChange":"+0.8%"},{"year":"2008","value":"90.4","yoyChange":"+3.6%"},{"year":"2007","value":"87.3","yoyChange":"+2.0%"},{"year":"2006","value":"85.6","yoyChange":"+2.3%"}]},"qa":[{"question":"What does the Italy HICP measure and how does it relate to Italian national CPI?","answer":"The Harmonised Index of Consumer Prices (HICP) is Eurostat's standardised inflation measure for Italy, designed for cross-country comparability and used by the ECB in its monetary policy framework (dataset PRC_HICP_AIND, base: 2015=100). Italy's HICP is compiled using data from ISTAT. The Italian national CPI (Indice dei Prezzi al Consumo per l'Intera Collettività, NIC) uses a slightly different basket and weighting; historically the two have tracked closely. The 2025 HICP index of 124.3 — up 2.0 index points from the 2024 level of 122.3 — implies an annual HICP inflation rate of approximately 1.6%."},{"question":"How did Italy's inflation experience during the 2022 energy crisis compare with Germany and France?","answer":"Italy's inflation peaked at an estimated 8–9% HICP in 2022, below Germany's near-9% but above France's roughly 5–6%. The difference reflects Italy's intermediate energy mix: more dependent on gas than France (which has nuclear dominance) but somewhat more diversified than Germany through LNG imports and southern sun-sourced renewables. The Italian government's fiscal response — energy bill subsidies and temporary VAT reductions on energy — was significant but smaller in scale than France's bouclier tarifaire, partly constrained by Italy's tighter fiscal position. By 2025, Italy's HICP at approximately 1.6% has decelerated to near the ECB's 2% target, consistent with global energy price normalisation and weak domestic demand."},{"question":"What does Italy's HICP near the ECB target mean for BTP investors?","answer":"Italian HICP inflation at approximately 1.6% is a supportive backdrop for ECB rate normalisation and BTP performance. With nominal 10-year BTP yields typically 150–200bp above Bunds, Italian real yields on long-dated government bonds are positive — an improvement from the deeply negative real yield environment of 2020–2021. Low Italian inflation also reduces the risk of wage-push secondary effects, which were more pronounced during the 2022 peak, making Italy's inflation profile more compatible with ECB target consistency than Spain's (which runs above the EU average at ~2.7%). For BTP holders, the primary risk remains fiscal rather than inflation-related: Italy's debt dynamics, not CPI, drive BTP spread volatility."},{"question":"How does Italy's cumulative HICP price level compare with Germany and France?","answer":"Italy's HICP index at 124.3 in 2025 (base: 2015=100) is slightly below Germany's 131.9 and France's 124.4 — indicating Italy has experienced somewhat lower cumulative price increases since 2015. This reflects Italy's generally weaker domestic demand and lower wage growth compared with Germany. Since 2005, Italy's HICP has risen from an index level of 83.7 to 124.3 — a 48.5% cumulative increase over 20 years, implying a 2.0% average annual inflation rate for the full period. Within the euro area, Italy having slightly lower price levels than Germany is historically consistent with Italy's export competitiveness improving relative to Germany on a HICP-deflated real exchange rate basis."}]}