Inflation slowed slightly in July, but household spending continued to grow. According to Istat data, the trend rate stands at 2.9%, from 3.0% in June, while the monthly variation is 0.3%. For Italians’ budgets this means hundreds of euros of extra spending per year, especially for housing, transport, catering and holidays.
National Consumers Union: “holiday sting”
For the National Consumers Union (UNC) the picture that emerges from the July data is “very bad and alarming”. The association disputes the reassuring reading of the trend slowdown and defines the data as a “mathematical game”. According to president Massimiliano Dona:
the figure drops not because the index falls in July 2026 but because it rose in July 2025, when monthly inflation took off by 0.4% compared to June 2025. The value that really matters, however, is that while inflation stopped in June, recording no change, in July it resumed its run with a worrying +0.3%.
How much inflation affects different types of families
The UNC estimated the impact of July inflation, item by item, on three types of households: average family, couple with 2 children, couple with 1 child. The result highlights a strong increase in spending, particularly heavy for families with children, penalized above all by the increases in transport and tourist services.
| Spending divisions | Average family (euro) | Couple with 2 children (euro) | Couple with 1 child (euro) | July annual inflation (%) |
|---|---|---|---|---|
| Food products and non-alcoholic drinks | 90 | 130 | 114 | +1.4 |
| Alcoholic drinks, tobacco and drugs | 12 | 16 | 17 | +2.4 |
| Clothing and footwear | 11 | 20 | 15 | +0.9 |
| Housing, water, electricity, gas and other fuels | 289 | 311 | 309 | +7.2 |
| Furnishings, appliances for domestic use and current home maintenance | 23 | 32 | 29 | +1.7 |
| Healthcare | 18 | 22 | 22 | +1.3 |
| Transport | 153 | 252 | 234 | +4.3 |
| Information and communication | 2 | 3 | 2 | +0.2 |
| Recreation, sport and culture | 10 | 17 | 14 | +0.8 |
| Education services | 3 | 10 | 6 | +1.6 |
| Restaurant services and accommodation services | 66 | 115 | 92 | +3.4 |
| Financial and insurance services | 17 | 25 | 23 | +1.9 |
| Personal assistance, social protection and various goods and services | 51 | 67 | 69 | +3.2 |
| Total annual price increase | 746 | 1020 | 946 | +2.9 |
| Shopping cart | 99 | 143 | 127 | +1.0 |
Reading the Codacons
Codacons also underlines how the 2.9% figure does not yet fully reflect the fuel surge that began in the second half of July. According to the association, the increases are destined to impact inflation and retail prices in the coming months.
But the real blow for Codacons comes from energy tariffs and services related to holidays. With domestic electricity consumption at its highest in the summer period, families find themselves having to deal with:
- electricity prices in the protected market at +9.7% in July (+4.5% on June);
- electricity tariffs in the free market at +13.9% (+4% on June).
Added to these are increases in gas supplies, which contribute to ballasting overall household spending.
More expensive holidays
On the tourism front, Codacons highlights a differentiated scenario:
in fact, domestic flight fares recorded an increase of 6.2% on an annual basis. On the other hand, the prices of international flights, also due to the crisis in the Middle East, dropped by -7.6%. Ferries, on the other hand, increased in price by 2.5%, rental cars by 3.4%, hotels by 3% and holiday villages by 2.9%.
Those who choose to stay in Italy for the summer holidays find themselves facing higher prices for travel and accommodation. Those flying abroad may instead benefit, at least in part, from the drop in international tariffs, but the advantage may be attenuated by geopolitical uncertainty and domestic energy costs.
How consumption has changed over the years
Over the last thirty years, Italian family budgets have increasingly shifted towards services and leisure, reducing the weight of traditional goods. In 2025, real per capita consumption spending reached 23,261 euros, exceeding both pre-Covid levels and the 2007 peak, but not uniformly for all items.
Technology, communications and cultural services drive growth, while household food, clothing and furnishings remain stagnant, a sign of more prudent demand in a still uncertain macroeconomic context.
