The inscription in Roman square capitals reads:
SENATVS
POPVLVSQVE·ROMANVS
DIVO·TITO·DIVI·VESPASIANI·F(ILIO)
VESPASIANO·AVGVSTO
Which means "The Senate and People of Rome (dedicate this) to the divine Titus Vespasianus Augustus, son of the divine Vespasian."