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Household income up but purchasing power hit by inflation

In first quarter of 2022, cost of living crisis bites

(ANSA) - ROME, JUL 5 - Italian household income rose 2.6% in the first quarter of this year on the previous quarter but purchasing power only rose by 0.3% because of the cost of living crisis, ISTAT said Tuesday.
    Italy's annual inflation rate rose to 8% in June, the highest level since it was at 8.2% in January 1986, according to preliminary data released by ISTAT on Friday.
    The annual inflation rate was 6.8% in May.
    The national statistics agency said energy was the driver of the soaring prices, rising by 48.7% in year-on-year terms in June, up from 42.6% in May.
    It said its trolley index of frequently bought items such as food and household goods was up 8.6% in year-on-year terms, again the highest level since January 1986.
    In the first quarter of this year, ISTAT said, the propensity of families to save was 12.6%, 1.1 percentage points up on the previous quarter.
    Household spending was up 1.4%, the stats agency said.
    But disposable income was just 2.6% up. (ANSA).


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