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6/16, 10:09 AM (Source: TeleTrader)
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Italy's inflation at over 3-decade high of 7.3% in May

The annual inflation rate in Italy soared to 7.3% in May, according to a report published by the Italian National Institute of Statistics on Thursday. On a monthly basis, harmonized index of consumer prices expanded by 0.9%.

The major contributors to soaring inflation were increases in energy prices of around 40%, followed by a rise in food prices of more than 6%. Grocery prices jumped 6.7% versus May last year, the report added.

"Inflation hurts the lowest and poorest income segments. The government has spent about €30 billion to mitigate the effect of energy prices on the most vulnerable families, and there have also been interventions on firms. We will continue to do whatever is needed to help," Prime Minister Mario Draghi earlier commented on May's preliminary results, mostly confirmed today.

Baha Breaking News (BBN) / ND