Italian inflation hit a 31-year high in March

2022-05-20 0 By

Rome, April 1 (Xinhua) — Italy’s consumer price index (CPI) rose 6.7 percent in March from a year earlier, the highest rate since November 1990, according to preliminary data released by the national statistics Institute on Thursday.The data showed that inflation pressure came mainly from energy products, which rose 52.9 percent.Core inflation, which excludes volatile energy and unprocessed food prices, was 2.0 per cent.Italian Prime Minister Mario Draghi said earlier that Italy’s gas supplies “are in danger.”Italy imports about 95 percent of its natural gas, of which about 40 percent comes from Russia, data show.Italy’s consumer confidence index fell sharply month-on-month in March to 100.8 from 112.4 in February, the lowest since January 2021, according to a survey released by the national Statistics Institute.In its recent euro zone economic outlook for the second quarter of 2022, international rating agency Standard & Poor’s lowered its forecast for Italian economic growth this year to 3.1% from 4.7%.