Italy sees 12% jump in household energy prices amid inflation pressures

In May 2024 Italy’s consumer price index recorded an 11.9% rise in energy costs, accelerating the overall inflation rate to 3.2% – far above the 0.8% level recorded two years earlier. Despite a modest rise in employment (+123,000 jobs, unemployment at 5.1%), household confidence fell, with the confidence index dropping to 92.3 and the Misery Index worsening.

Energy minister Adolfo Urso called a meeting with Italy’s major oil companies to discuss passing on recent declines in international oil prices to fuel prices at the pump. The discussion referenced the United‑States‑Iran memorandum and the reopening of oil flows through the Strait of Hormuz, and Urso signaled plans to accelerate price reductions, improve transparency and strengthen energy security through cooperation on small modular reactors, nuclear projects and a strategic European raw‑materials depot in Porto Marghera.