World meat industry news

Inflation in Italy hit 8.4% year on year, up from last month's 7.9%. Such data was distributed on Wednesday by the National Institute of Statistics (ISTAT).

According to the report of its specialists, the increase in the cost of energy carriers leads to a general increase in prices, including for non-energy goods. "This has led to inflation at a level that has not been fixed since 1985, when it was 8.8%," the report says.

Continued growth of inflation is noted in almost all segments of the market - from food products to transport services. The price of the consumer basket, the highest since 1984, is maintained, which in August amounted to 9.7% on an annualized basis compared to 9.1% a month earlier, when a record level for almost 40 years was already recorded.

As the newspaper Messagero points out on Wednesday, citing specialized associations, with such a level of inflation, 120,000 Italian companies are threatened with closure, which leads to the loss of 370,000 jobs. Among the most vulnerable to rising energy prices are retail stores, especially medium and large food chains, restaurants and hotels, travel and transport companies. According to the publication, in total, €33 billion will be spent on energy bills in Italy in 2022, which is three times more than in 2021 and twice as much as in 2019.

Foreign Minister Luigi Di Maio said in an interview that entrepreneurs complain to him that energy bills increased in July "by 9 times compared to July last year", "and in August they doubled compared to July."