The rise in prices was concentrated in Italy in October, rising to 11.9% per year, a record since March 1984, according to a provisional estimate published this Friday by the National Institute of Statistics (Istat). Inflation was mainly driven by rising energy prices, which rose 73.2% in October, after rising 44.5% the previous month, Istat said.
To a lesser extent, food products, which accelerated their rise to 13.1% compared to 11.4% in September, also boosted inflation. On the contrary, the prices of recreational, cultural and personal care services moderated their rise, going from 5.7% in September to 5.1% in October. In September, inflation had risen to 8.9% annually, due to the effect of the greater increase in food prices.
8.5% average in the year
For one month, consumer prices rose 3.5% in October, Istat said. The inflation index calculated according to the harmonized standards of the European Union (IPCA) increased in October by 4% in one month and 12.8% in one year. Inflation should rise to 8.5% on average in 2022 before falling, under the effect of a “gradual stabilization of energy prices”, to 6.5% in 2023 and 2.3% in 2024, according to Bank of Italy forecasts.
The new Prime Minister Giorgia Meloni, who leads a coalition dominated by the extreme right, has promised to reinforce measures to support households and businesses, both for energy bills and for fuel. His predecessor, Mario Draghi, adopted in September a new package of measures of 14,000 million euros to mitigate the rise in energy prices, which brings the total aid dedicated to this effect by Italy to 66,000 million euros. .
Source: BFM TV
