Rome

Italian families' real income falls for fifth year on run

Bank of Italy says drop expected to be over 2.5%

Italian families' real income falls for fifth year on run

Rome, November 27 - The real income of households in recession-hit Italy is set to fall for the fifth consecutive year in 2012, with a drop of over 2.5%, the Bank of Italy said Tuesday. "We are in the fifth year of real-income reductions," said Salvatore Rossi, the Bank of Italy's deputy director. "This year the fall is set to be even bigger than the 2.5% drop during the 2009 recession". Real incomes fall when salary rises are lower than inflation, meaning people's spending power is diminished by higher prices.

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