Inflation keeps going up in Italy as Ukraine war rages on
Max Civili
Press TV, Rome
One and a half month into the Ukraine war and the effects of the conflict are starting to bite hard into Italy's economy.
Two years of anti-Covid measures and a series of sanctions adopted against Russia, the largest and the most severe restrictive penalties ever adopted by the European Union, have piled pressure on Italy, which is among the countries relying the most on raw materials from Moscow. Russia's natural gas accounts for about 40% of Italy's total gas supply.
Due to soaring energy prices, Italy's inflation surged to 7% in March, the highest rate ever recorded in three decades.
The Bank of Italy has recently warned that the country's annual inflation rate would rise to over 8% this year if the Mario Draghi government opts to enact a complete halt in gas supplies to Italy from Russia.
Meanwhile Rome has slashed its growth estimate for this year forecasting the country's gross domestic product to grow by 3.1%, down from a 4.7% projection made last September.
During a ceremony for the 170th anniversary of the State Police force, Italy's Interior Minister Luciana Lamorgese warned that the nefarious effects of the war in Ukraine risk creating major social problems in Italy; problems, the minister noted, that must be urgently addressed.
Thousands of small and medium firms have already been forced to shutdown or reduce their activities across the country.
Pakistanis celebrate Iran's retaliatory strikes on Israel, voice solidarity with Gaza
French pro-Palestine demo applauds Iran’s missile retaliation on Israel
Pakistanis hail Iran's strikes on Israel
Pakistan says Iran entitled to retaliate as Israel breaches sovereignty
VIDEO | Mass rallies held in major US cities in support of Gaza
VIDEO | Press TV's news headlines
Israel kidnapped 3,000 Palestinians since start of genocidal war: Report
Iran 'Operation True Promise' further debunks Israel’s invincibility myth: Commander
Germany's Scholz seeks collaboration with China in 'just peace' in Ukraine
UN chief says attacks against civilians in Sudan could constitute ‘war crimes’
Slightest act against Iran’s interests will be met with ‘painful response’: Raeisi
This makes it easy to access the Press TV website
