Science

Cost of living in Italy for median household of 4 went up €3,000 in 2022: Study

The cost of living in Italy for a median household of four went up €3,000 ($3,263) last year, according to a report released over the weekend by one of the country’s major consumer advocacy groups.

Codacons said that energy prices, which began surging in March last year due to the war between Russia and Ukraine, pushed up prices of goods and services in all sectors, including food, transport and tourism.

"The war in Ukraine and the high energy cost have led to cascading price increases to the detriment of Italians, eroding the purchasing power of families and profoundly changing the habits of citizens," said the president of Codacons, Carlo Rienzi.

According to the report, electric bills rose by a whopping 110.4%, followed by a nearly 86% hike in airfares and gas bills by 73.7%.

Meanwhile, the price of sunflower oil went up by 51.5%, it added.

Codacons warned that in the next few weeks the country could face a new upswing in retail prices as a result of higher excise duties levied on fuels in January.

Source: Anadolu Agency