意大利9月通胀大幅加速

关键论点

• 9月通胀加速几乎完全由能源推动，能源通胀达22.3%，受管制（25.9%）与非管制（22.2%）分项均大幅上涨。
• 食品通胀升至1.8%，完全源于未加工食品（5.5%）；加工食品价格仍略低于上年同期。
• 剔除能源和生鲜食品的核心通胀仅升至1.7%，服务业升至2.6%，尚无证据显示工资驱动的第二轮效应。
• 高频购买商品价格升至5.3%，将使通胀反弹对家庭尤为明显，并可能拖累实际购买力。

对应原文证据

1. Even so, the rise in high-frequency purchases to 5.3% will make the inflation rebound particularly visible to households and could weigh on real purchasing power.
2. Taking into account that more increases will follow protected energy bills starting from October, headline inflation will likely remain above the 4% mark over the last quarter of 2026, pushing average 2026 inflation to 3%, our new base case. · 2026