Italian inflation hits record high
ROME: The consumer price index in Italy set a new record by rising 8.9% in September compared to the same month in 2021, the largest year-on-year increase since the inception of the euro.
The previous record was set a month earlier, when prices jumped 8.4% between August 2021 and August this year, Xinhua news agency reports.
So far, the four biggest year-on-year increases in Italy’s inflation rate have all been in the past four months.
According to the Italian National Institute of Statistics (ISTAT), the country’s inflation rate in the first nine months of the year was 7.1% higher than in the same period of the previous year.
The main factors pushing prices up are direct and indirect energy costs.
While prices for energy goods were 44.5% higher in September than in the same period a year ago, this represented a slight deceleration from August, when the rise from a year earlier was 44.9%.
The impact of rising energy costs was also felt in other sectors, notably transportation services, which recorded a 7.2% increase over the past year.
Foodstuffs also rose 11.5% and prices for processed goods rose 11.7% in the 12 months to September.
Core inflation, which calculates the consumer price index excluding the impact of volatile commodities such as energy goods and fresh food, rose 5.0% in September, an acceleration from the rise of 4.4% recorded in August.