Italian inflation expected to hit double digits

Inflation in Italy is expected to peak at 11.9% in October, the highest level in over 38 years, according to preliminary figures released by the country’s national statistics authority.

The rate picked up from 8.9% in the previous month and exceeded the expected 9.6%, the National Institute of Statistics (Istat) said on its website.

The “wide speed-up” was mainly due to the prices of energy (from +44.5% in September to +73.2% in October) and food, including alcohol, (from +11.4% to +13.1%), Istat added.

Consumer prices have been on the rise across the EU, with Belgium, Denmark, the Netherlands, Poland, the Baltic nations and others seeing their inflation rates go well into double digits over the past few months.

For more stories on economy & finance visit RT's business section