Rome

Inflation slows, but Italian families spending more for less

'Families paying 224 euros extra per year for food'

Inflation slows, but Italian families spending more for less

Rome, November 13 - Italian families are spending an average of 224 euros more every year to put food on the table despite slowing inflation, consumer groups Federconsumatori and Adusbef said Tuesday. The national statistics agency Istat said earlier in the day that inflation had slowed from 3.2% to 2.6% in October, a level last seen in May 2011. "Even with these severely overestimated numbers," said the consumer groups in a statement, "families still bear serious consequences. In the food sector alone there will be a burden of an extra 224 euros per year". Federconsumatori and Adusbef predict that current economic conditions will continue to hamper Italians' spending power, down 13.2% since 2008. "Annual spending power will be down 5% by the end of the year," they said. The groups also said costs are being kept high by consumer fuel prices which remain 11 cents too high per liter despite a drop in production and transport costs on the year. "The government must urgently tackle this problem by initiating serious checks on prices and tariffs and put an end to the obvious speculation in place," they said.

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