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Italy’s inflation hits 6.8%, highest since 1990

canada inflation 7.7%
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The Italian consumer price index rose a record 6.8 percent year on year in May, the highest rate since 1990, according to data released by the National Institute of Statistics (ISTAT).

According to ISTAT, the war in Ukraine and a slowdown in international trade have both contributed to the upward trend in prices.

The price data for Thursday fell slightly short of the preliminary estimate of 6.9 percent.

However, it was the highest year-on-year price increase in Italy since the euro’s inception, as well as the steepest since 1990.

According to ISTAT, the monthly inflation rate in May was 0.8%.

Energy goods were the most expensive, with prices rising by 42.6 percent year on year.

Prices for general goods rose 9.7 percent in May, owing primarily to increases in manufacturing and transportation costs, while prices for services rose 3.1%.

About the author

Brendan Byrne

While studying economics, Brendan found himself comfortably falling down the rabbit hole of restaurant work, ultimately opening a consulting business and working as a private wine buyer. On a whim, he moved to China, and in his first week following a triumphant pub quiz victory, he found himself bleeding on the floor based on his arrogance. The same man who put him there offered him a job lecturing for the University of Wales in various sister universities throughout the Middle Kingdom. While primarily lecturing in descriptive and comparative statistics, Brendan simultaneously earned an Msc in Banking and International Finance from the University of Wales-Bangor. He's presently doing something he hates, respecting French people. Well, two, his wife and her mother in the lovely town of Antigua, Guatemala.

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