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Sunday, December 4, 2022

Italy’s inflation spiked to 11.8% in October, the highest since 1984

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In October, inflation was driven mainly by the rise in energy prices, which shot up 71.1%, after rising 44.5% the previous month, Istat said.

The products food increased by 13.1%, after 11.4% in September and also added pressure on the acceleration of inflation. In the month of October, consumer prices rose 3.4% from the previous month, Istat pointed out.

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The new Italian government led by the right wing Giorgia Meloni unlocked an additional 9.1 billion euros ($9.48 billion) on Thursday to mitigate the impact of rising prices of the Energy for businesses and homes.

The package of measures also provides for the reduction of excise taxes on fuels Until december 31.

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The assistance package of the Italian Government amounts to 30,000 million euros to reduce the impact on households and companies of the rise in electric bills. The measure, announced by the administration of Meloni, will be financed through additional debt contraction in 2023that the deficit will rise from the 3.4% originally forecast to a 4.5%.

Source: Ambito

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