Italy's inflation rate soars to 6.8% in May, highest in 23 years

By Ovunc Kutlu

ANKARA (AA) - Italy’s annual consumer inflation increased to 6.8% in May, its highest level in more than 23 years, according to official data released on Thursday.

This marked the highest annual jump since the country adopted the euro in 1999.

The market expectation for the figure was to come in at 6.9%.

Annual inflation in Italy stood at 6% in April.

A flash estimate by the Italian National Institute of Statistics (ISTAT) at the end of last month indicated a rise of 6.9% in annual consumer inflation in May.

On a monthly basis, the consumer price index rose 0.8% in May.

Energy prices jumped 42.6% year-on-year, according to ISTAT.

Inflation, excluding energy, was at 3.6%, while core inflation, excluding energy and food, stood at 3.2%.

Italy’s economy expanded 6.2% in the first quarter of 2022 on an annual basis.

Italy, the eurozone’s third-largest economy, had a gross domestic product of $1.89 trillion in 2020.