Italians pay more for less in 2022 amid record inflation

Rome, Feb 9 : Italians paid higher prices for less goods in 2022, a latest indication that the cost of living in the country is on the rise, according to government data.Retail sales in the country rose in value last year, but fell when measured by volume, data published by the National Institute of Statistics (ISTAT) revealed.

In specific terms, sales rose by 4.6 per cent in 2022 compared to the previous year when measured by value, Xinhua news agency reported citing the data.However, when measured by volume, sales dropped by 0.8 per cent over the same period, meaning that on average Italians paid 4.6 per cent more for 0.8 per cent less last year.The figures include retail sales of all types of final consumer goods, including food, clothing, furniture, and electronics, sold both online and in-store.

Raw materials are not included in the calculations.Across the European Union prices have been driven higher by energy costs that have surged in the wake of the ongoing war between Russia and Ukraine.

All quarters last year saw cyclical increases in the overall value of sales when compared to related volumes, ISTAT said.On average in 2022 the growth in value was seen in all forms of distribution, albeit to different extents.Italys economy grew by 3.9 per cent last year, ISTAT said, higher than most forecasts.Nevertheless, this growth rate failed to keep pace with the 8.1 per cent year-on-year inflation in 2022, the highest since the adoption of the euro currency in 1999 #Italians #Telugu #TeluguStop #Russia.