Inflation in Italy reaches highest value in 36 years

Inflation in Italy reached its highest level in 36 years in May, according to preliminary data released on Tuesday (31) by the National Institute of Statistics (Istat).   

According to the agency, the National Consumer Price Index for the Community (NIC) accumulated an increase of 0,9% compared to April and 6,9% compared to May 2021, the highest annualized index since March 1986 (7 %).

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The surge continues to be driven by energy prices, which showed growth of 42,2% in May in the annual comparison, against the 39,5% recorded in April.   

The cost of energy had already been rising since last year, but the movement accelerated from February onwards due to the Russia's invasion of Ukraine, the main supplier of natural gas to Italy.   

“High increases in the prices of energy goods continue to be the driver of inflation, and their consequences are increasingly spreading to other sectors of the market”, explained Istat. (Ansa).