Italian inflation climbs to record high

Rome, Oct 1 (IANS) The consumer price index in Italy set a new record by rising 8.9 per cent in September compared to the same month in 2021, the largest year-on-year increase recorded since the creation of the euro currency.

The previous record was set a month earlier, when prices climbed 8.4 per cent between August 2021 and August of this year, reports Xinhua news agency.

So far, the four largest year-on-year increases in Italy's inflation rate have all been recorded over the last four months.

According to Italy's National Statistics Institute (ISTAT), the country's inflation rate over the first nine months of the year was 7.1 per cent higher than the same period a year earlier.

The main factors pushing prices higher are direct and indirect energy-related costs.

While prices for energy goods were 44.5 per cent higher in September than in the same period a year ago, that represented a slight deceleration compared to August, when the rise compared to the previous year was 44.9 per cent.

The knock-on effects from higher energy costs were also felt in other sectors, including transport services, which saw a 7.2 per cent increase over the last year.

Foodstuffs also saw a rise of 11.5 per cent, and prices of processed goods rose by 11.7 per cent over the 12 months ending in September.

Core inflation, which calculates the consumer price index excluding the impacts of volatile products such as energy goods and fresh food, was 5.0 per cent higher in September, an acceleration from the 4.4 year-on-year increase registered in August.