Inflation jumps in Italy

February 23rd, 2012 - 2:10 pm ICT by IANS  

Rome, Feb 23 (IANS/AKI) The Italian inflation jumped as the rising cost of fuel and housing in January were the main factors that pushed up prices for consumers in the European Union’s fourth-richest country.

Prices rose 3.2 percent in January over the same month last year and 0.3 percent from December, national statistics agency Istat reported.

Italians are facing hard times with their country mired in recession and after their government passed tax-hikes and other painful economic measures to balance the budget and reduce 1.9 trillion euros in debt.

The price of housing, gas and power in January jumped 7.4 percent over the same month in 2011, while it cost Italians 2.4 percent more to fill their shopping carts with pasta, mozzarella and other food, Istat said.

The data was compiled using a national gauge for inflation. Using a pan-European Union method, January inflation rose 3.4 percent over 2011, Istat said.

–IANS/AKI
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