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20 Oct, 2022 06:52

Power costs in Italy going through the roof – data

Electricity tariffs are on a record rise, according to a consumers union
Power costs in Italy going through the roof – data

Electricity tariffs in Italy saw record growth last month, exceeding 136% on an annual basis, according to a National Union of Consumers report on Tuesday.

The 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 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.

The head of Italian energy think tank Nomisma Energia said this week that Italy, along with the rest of Europe, is experiencing an energy shock of unprecedented magnitude, as electricity prices have almost doubled. According to him, Italians should be ready for rationing during the coldest winter months. He also urged households to make use of alternative methods of heating, such as burning firewood and pellets, though he added that prices for these are also up.

For more stories on economy & finance visit RT's business section

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