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7/1, 11:02 AM (Source: TeleTrader)
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Italy's inflation surges to 8% in June, highest since 1986

The annual inflation rate in Italy surged to 8% in June, according to a preliminary report published by the Italian National Institute of Statistics on Friday. On a monthly basis, harmonized index of consumer prices grew by 1.2%, while the harmonized index reached 8.5% compared to June last year. The reading marked the highest figure since January of 1986.

Energy price increases by around 48.7% were the key contributor to the rising inflation, followed by a hike in food and alcohol prices, amounting to 8.2%. Prices of groceries jumped by 8.3% on an annual basis. According to the Institute, inflationary pressures are spreading from energy to other product sectors, both goods, and services. Meanwhile, inflation in the Eurozone continues to grind records, reaching 8.6% in June.

Baha Breaking News (BBN) / AB