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.
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