Consumer price index change in Italy 2004-2023

In 2022, Italy experienced an inflation rate of over eight percent compared to the previous year, the highest since at least 2004. 2022 was characterized by high inflation rates worldwide following the COVID-19 pandemic and the Russia-Ukraine crisis. In 2023, the consumer price index dropped to 5.6 percent, showing a partial decrease in the inflationary phenomenon.
The term inflation, also known as currency devaluation (drop in the value of money), is characterized by a steady rise in prices for finished products (consumer goods, capital goods). The consumer price index tracks price trends of private consumption expenditure, and shows an increase in the index's current level of inflation.