Italians see their wealth plummet

The cost-of-living crisis has impacted the finances of more than a third of households, a survey shows

More than a third of Italian families have seen their living standards drop over the past year due to rising inflation, the National Consumer Union (UNC) reported this week.

The UNC said that 35.1% of Italian households experienced worsening financial conditions last year, compared to 30.5% in 2021.

They attributed the results to soaring bills driven by spikes in the prices of energy and goods and services.

“These are alarming but much expected results,” UNC President Massimiliano Donna said.

Prices for electricity, which is sold on the free market, have surged sharply and topped the UNC rating for the most expensive goods and services last year.

“The data regarding those who consider their situation as stable could not be necessarily viewed in a positive light. In general, all those who could hardly make ends meet both in 2021 and 2022 fall under this definition. So there is no reason to be happy,” Donna added.

READ MORE: Italy may exit ‘New Silk Road’ – FT

The cost of living continues to rise and is becoming more “unbearable,” as basic food items have seen dramatic increases in the country, with the prices of various vegetable oils, excluding olive oil, soaring more than 50% year-on-year, the study found.

For families with two children, the current inflation at 7.7% will add €2,306 ($2,515) to their annual bills, of which Italian households will spend €1,015 on food and beverages, and €1,062 to cover other products in the consumer basket, the UNC said.

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