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Italy's inflation hits 6.8%, highest since 1990 on account of Ukraine war

Italy's consumer price index climbed a record-setting 6.8 per cent year-on-year in May, the highest since 1990, data published by the National Institute of Statistics (ISTAT) revealed.

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Italy | Consumer Price Index-based inflation | Russia Ukraine Conflict

IANS  |  Rome 

Italy has the world's largest outbreak of the coronavirus after China.
Italy's inflation rate highest since 1990

Italy's consumer price index climbed a record-setting 6.8 per cent year-on-year in May, the highest since 1990, data published by the National Institute of Statistics (ISTAT) revealed.

The war in Ukraine and a slowdown in trade have both contributed to the upward trend in prices, Xinhua news agency quoted ISTAT as saying.

Thursday's price data was slightly below the preliminary estimate of 6.9 per cent.

However, it was still the highest year-on-year price hike in since the creation of the euro currency, as well as the steepest climb since 1990.

The monthly inflation rate in May was 0.8 per cent, ISTAT said.

Energy goods caused the biggest price hikes, increasing by 42.6 per cent compared to a year earlier.

Prices for general goods increased by 9.7 per cent in May, mostly due to an increase in manufacturing and transport costs, while prices of services climbed 3.1 per cent.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Fri, June 17 2022. 14:11 IST
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