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In Italy, the energy flare-up sinks income

2023-05-10T16:17:48.439Z

Highlights: Real income of households is growing in the OECD area but in Italy it decreases by 3.5% due to inflation due to energy prices. The United Kingdom achieved the most important increase (+1.2%), driven by wage growth and public support for energy consumption. Italy, on the other hand, is at -3.5%, lagging behind the G7 behind Germany (-1%). Motive? - "the flare-up of energy prices" that has caused a "strong inflation", with consequences on the availability of households in the Belpaese.


The flare-up in energy prices weighs, so if the real income of households grows in the OECD area, in Italy it decreases by 3.5% due to inflation (ANSA)


The real income of households is growing in the OECD area but in Italy it decreases by 3.5% due to inflation due to energy prices: this is the picture taken by the OECD, the international body for international economic cooperation and development, in the latest table published today.

According to data collected by the Paris-based organization, in the fourth quarter of 2022 real household income grew by 0.6% in the OECD area as a whole, thus exceeding real GDP per inhabitant growth by 0.1%. But the figure is highly variable depending on the countries examined. Of the organization's twenty-one member states for which results are available, eight are experiencing an increase in income in the fourth quarter of 2022 while thirteen are declining. Among the large G7 economies, the United Kingdom achieved the most important increase (+1.2%), driven by wage growth and public support for energy consumption. Canada (+0.9%), France (+0.7%) and the United States (+0.8%) also recorded positive increases in real income.

Italy, on the other hand, is at -3.5%, lagging behind the G7 behind Germany (-1%). Motive? - underlines the OECD - "the flare-up of energy prices" that has caused a "strong inflation", with consequences on the availability of households in the Belpaese. In the last twelve months, despite the moderate growth achieved in the third and fourth quarters of 2022, the figure contracted by 3.8% even at the OECD level, "the sharpest annual decline since the beginning of the series", underlines the Parisian institution. Also on an annual basis, among the G7 countries, real household income fell by 3.9%, with the most important contraction in the United States (-6%). A phenomenon linked according to OECD experts to the end of government aid granted by Washington during the Covid-19 pandemic.

Source: ansa

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