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.

Italy, coronavirus
Italy's inflation rate highest since 1990
IANS Rome
1 min read Last Updated : Jun 17 2022 | 2:13 PM IST

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 international 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 Italy 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.)

Subscribe to Business Standard digital and get complimentary access to The New York Times

Quarterly Starter

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

Save 46%

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Access to Exclusive Premium Stories Online

  • Over 30 behind the paywall stories daily, handpicked by our editors for subscribers

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

Topics :ItalyConsumer Price Index-based inflationRussia Ukraine Conflict

First Published: Jun 17 2022 | 2:11 PM IST

Next Story