Italians see their wealth plummet

Lazy eyes listen


According to the National Consumer Union (UNC), growing inflation has caused a reduction in living standards for more than a third of Italian families over the last year.

According to the UNC, 35.1% of Italian households had worsening financial situations last year, up from 30.5% in 2021.

They attributed the results to rising bills caused by price increases in energy, products, and services.

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

Electricity prices, which are traded on the open market, have risen rapidly and topped the UNC ranking of the most expensive goods and services last year.

“The data on those who consider their situation to be stable should not be interpreted positively.” In general, this definition includes anyone who struggled to make ends meet in both 2021 and 2022. So there’s no reason to smile,” Donna continued.

The cost of living continues to grow and is becoming “unbearable,” as essential food products have experienced substantial hikes in the country, with prices of various vegetable oils, excluding olive oil, rising more than 50% year on year, according to the report.

According to the UNC, current inflation of 7.7% will add €2,306 ($2,515) to annual bills for families with two children, with Italian households spending €1,015 on food and beverages and €1,062 on other products in the consumer basket.