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Data from FMP. Forecasts by Sigmanomics Forecast Engine.
ItalyItaly CPI MoM climbed to 0.2% in July 2026
FMPMonthlyReleased July 2026
Italy CPI MoM climbed to 0.2% in July 2026, up 0.2% from June's 0.0% reading. The print came in cooler than the 0.3% consensus, a softer print than forecasters anticipated. The print is running well below the 12-month average of 0.53%. Over the past 3 months, CPI MoM averaged 0.38%, vs 0.73% in the prior 3-month window.
Latest Release
0.2
Actual
0.3
Consensus
0
Previous
Median Absolute Error
±0.05 percentage points
across last 7 releases
Last Call
Jul 2026
Predicted: 0
Actual: 0
Error: +0
Sigmacast Σ-direction model: consensus + ½ × mean(surprise, trailing 90d).
CORRELATED SYMBOLS— markets that historically move with this indicator
| Symbol | Direction | Correlation | Asset Class | Co-movement | Action |
|---|---|---|---|---|---|
| EUR/GBP | ▲ Direct | +0.71 | FOREX | Moves with | → View |
| XAU/USD | ▼ Inverse | −0.60 | COMMODITIES | Moves against | → View |
| BTC/USD | ▼ Inverse | −0.39 | CRYPTO | Moves against | → View |
Correlation based on 12-month rolling window. Click any symbol to view its Sigmanomics forecast page.
THE RELEASE
CPI MoM (Italy) was reported at 0.2% in July 2026. This missed the market consensus of 0.3% by 0.1%. The reading rose from the previous value of 0%. Trailing 12-month context per ETL data through July 2026. Over the past 12 months, the indicator has averaged 0.44%, ranging from 0% to 1.1% across 7 releases.
WHY IT MATTERS
The trailing three releases averaged 0.13%, down from the prior three at 0.67%.
THE MODEL'S TAKE
Historically, this indicator is positively correlated with EUR/GBP (Bullish EUR). A secondary relationship exists with XAU/USD, negatively correlated (Bearish XAU). Over the last 7 releases, the Sigmacast model's median absolute error is 0.05%.
WHAT TO WATCH NEXT
Same-country events in the next 14 days include S&P Global Manufacturing PMI (Aug 3) and Retail Sales MoM (Aug 4).
Auto-generated from current model state · Refreshes on each release · Last update July 2026.
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CPI MoM - IT
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About CPI MoM — Italy
DEFINITION
Italy's CPI MoM for June registered at 0.000000%, matching estimates and down from May's 0.400000%. This flat reading signals a pause in monthly inflation growth after the previous increase. Market focus now shifts to upcoming ECB policy decisions amid stable price pressures. Updated 7/18/26
WHY THIS INDICATOR MATTERS
Inflation prints feed directly into central-bank policy expectations and real-yield calculations, and are among the most rate-sensitive releases on the calendar. The release is more useful as part of a longer-run signal than as a single-print catalyst. Released monthly.
WHAT CHANGED THIS MONTH
Latest reading (Jul 2026): actual 0.2 %, consensus 0.3 %. Prior reading (Jun 2026): 0 %. Before that (Jun 2026): 0 %.
WHAT'S NEXT
Sigmacast's 1-month forecast points to a materially lower reading versus the latest print, with the 3-month outlook reinforcing that direction. Both horizons are aligned bearish for this indicator, suggesting a consistent trend signal. Trend-driven dynamics are the primary headwind in the current projection. This indicator correlates most strongly with EUR/GBP (Bullish EUR, r=0.71) — a useful reference for forex-focused traders.
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EXPECTED ZONE
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Economic Calendar - IT Events
| Thursday, July 30, 2026 | Actual | Previous | Consensus | Sigmanomics Rolling-Surprise Forecast | Impact | ||
|---|---|---|---|---|---|---|---|
| 08:00 | IT | Gross Domestic Product YoY | 1 | 0.8 | 0.7 | 0.85 | Low |
| 08:00 | IT | GDP Growth Rate QoQ | 0.2 | 0.3 | 0.1 | 0.15 | High |
| 08:00 | IT | GDP Growth Rate YoY | 1 | 0.8 | 0.7 | 0.85 | High |
| 08:00 | IT | Gross Domestic Product QoQ | 0.2 | 0.3 | 0.1 | 0.15 | Low |
| 09:00 | IT | Unemployment Rate | 5.7 | 5.3 | 5.1 | 5.40 | Medium |
| 10:00 | IT | Producer Price Index YoY | 5.8 | 7.3 | 5.4 | 5.60 | Low |
| 10:00 | IT | Producer Price Index MoM | 0 | -0.2 | -0.4 | -0.20 | Low |
| Friday, July 31, 2026 | Actual | Previous | Consensus | Sigmanomics Rolling-Surprise Forecast | Impact | ||
| 08:00 | IT | Business Confidence | 89.6 | 88.6 | 88.9 | 89.25 | Medium |
| 08:00 | IT | Consumer Confidence | 94.2 | 92.4 | 92.5 | 93.35 | Medium |