Record-high energy costs drive food inflation to levels unseen since the 1980s
© Jonathan Raa / NurPhoto via Getty Images
Electricity prices in Italy set an all-time record in October, the country’s oldest consumer association Unc reported on Thursday.
Prices for electricity, which is being sold in the Apennines on the free market, have surged 329% since October last year, and topped the Unc rating of the most expensive goods and services.
International flights followed power tariffs, with an annual increase in costs equaling 113%. Gas was next in the ranking, with prices surging more than 96% compared to last year.
The Unc report comes on the heels of the latest data released by Italy’s official statistics agency ISTAT, which showed that the domestic price index soared 11.8% in October from a year earlier, the highest since March 1984. Annual consumer price growth led by soaring energy costs hit 12.6% in October, jumping from 9.4% in the previous month.
READ MORE:
Inflation in Italy highest since 1984
Basic food items have also seen dramatic inflation in Italy, with the prices of various vegetable oils, excluding olive oil, soaring by 55% year-on-year. Butter grew by 43%, followed by sugar, which picked up 17% from September and rose by 38.8% on an annual basis.
The sharp increase is expected to make the average annual food bill rise by €761 ($787), at a time when cash-strapped families are already trying to cope with soaring energy bills. For families with one child, this figure will increase to €937 ($969), for those with two children – up to €1038 ($1073), with three – up to €1240 ($1282), Unc president Massimiliano Donna has said.
For more stories on economy & finance visit RT’s business section
