Italy inflation up almost 12% in September

ROME: Italian inflation jumped in October, up 11.9 percent on the year, the highest rate since March 1984, according to a provisional estimate Friday by national statistics office Istat.

The increase — compared to a rise of 8.9 percent in September — was fuelled by soaring energy costs, linked to the war in Ukraine.

The price of energy rose 73.2 percent in October, compared to a rise of 44.5 percent the month previously, according to Istat.

Food prices also keep going up, with a 13.1 percent increase in October, compared to 11.4 percent in September.

The Bank of Italy expects inflation to be on average 8.5 percent higher in 2022 than the previous year, before falling back as energy prices stabilise, to 6.5 percent in 2023 and 2.3 percent in 2024.

New Italian Prime Minister Giorgia Meloni has pledged to provide further help for households and businesses struggling with high energy prices.-AFP