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Italian word caro comes from Proto-Indo-European *kenh₂-, Proto-Indo-European *kār-, and later Proto-Italic *kāros (Dear.)
*kenh₂- (Proto-Indo-European)
*kār- (Proto-Indo-European)
*keh₂ro- (Proto-Indo-European)
*kāros (Proto-Italic)
Dear.
carus (Latin)
Dear, beloved. Expensive.
caro (Italian)
Dear (darling) Dear (beloved, or in the salutation of a letter), sweetheart. Dear, precious, expensive.