Italy: Power Costs Going through the Roof

By Staff, Agencies 

The Italian National Union of Consumers warned that “The electricity tariffs in Italy saw record growth last month, exceeding 136% on an annual basis.”

The union’s report said that in September, electricity prices came out on top in the ranking of the most expensive goods and services, which the union regularly compiles based on data from the Italian National Institute of Statistics [ISTAT].

In the category of non-food products, electricity prices were followed by costs for air travel across Europe, which have risen 128% over the past year. Then came intercontinental flights, for which the prices almost doubled [97.4%]. Gas tariffs increased by just under 64% in September.

As for food products, the ranking was led by vegetable oils (with the exception of olive oil), up by almost 60%. The prices of butter and rice rose 38% and 26.7% respectively. Other foodstuffs that saw price increases of more than 20% include pasta, canned milk, flour, and basic vegetables.

“Only for food and drink, every single Italian family will pay an average of €660 more per year,” the consumer union’s president, Massimiliano Dona, said. He further added that families with two children will have to pay €900 [$885] more, and those with three children, €1,075 [$1,057] more.

Inflation in Italy climbed to 8.9% in September on an annualized basis, ISTAT data shows. Meanwhile, the ‘consumer basket’ saw a rise of 10.9% over the year. Such a high increase in the price of basic foodstuffs and personal goods has not been recorded in Italy since 1983.