2025年5月，意大利的年度消费者价格通胀率降至1.6%，低于初步估计的1.7%，也低于4月的1.9%。这标志着自2月以来的最低通胀率，并连续20个月低于欧洲央行2%的目标，这进一步表明欧元区第三大经济体持续面临通缩压力。经济放缓的主要原因是受监管的能源产品（29.3%对4月份的31.7%）、未加工食品（3.5%对4.2%）、娱乐、文化和个人护理服务（3.1%对3.6%）以及运输相关服务（2.6%对4.4%）的价格增长放缓。与此同时，非监管能源商品（-4.3%对-3.4%）和耐用品（-1.1%对-1.4%）的价格继续下跌。相反，加工食品的通货膨胀率有所上升（2.7%对2.2%）。按月计算，消费者价格指数下跌0.1%，而4月份上涨0.1%，初步估计持平。

Italy’s annual consumer price inflation eased to 1.6% in May 2025, below the preliminary estimate of 1.7% and down from 1.9% in April. This marks the lowest inflation rate since February and remained below the European Central Bank’s 2% target for the 20th consecutive month, reinforcing signs of persistent disinflationary pressures in the eurozone’s third-largest economy. The slowdown was mainly driven by softer price growth for regulated energy goods (29.3% vs 31.7% in April), unprocessed food (3.5% vs 4.2%), recreational, cultural, and personal care services (3.1% vs 3.6%), and transport-related services (2.6% vs 4.4%). Meanwhile, prices continued to decline for non-regulated energy goods (-4.3% vs -3.4%), and durable goods (-1.1% vs -1.4%). Conversely, inflation picked up for processed food products (2.7% vs 2.2%). On a monthly basis, consumer prices slipped 0.1%, compared to a 0.1% increase in April and an initial estimate of a flat reading.