facebook
twitter
rss
account
search
search
 

Spending power falls in Italy

April 24, 2012 at 6:14 PM   |   Comments

ROME, April 24 (UPI) -- Real incomes in Italy dropped farther in March than they have in 17 years, the Italian National Institute of Statistics said Tuesday.

In March, the annual rate of inflation reached 3.3 percent, while wages from a year earlier rose 1.2 percent, ANSA reported.

Spending power dropped 2.1 percent compared with a year earlier, the steepest decline since August 1995, the government's statistical office ISTAT said.

Bond yields rose in Rome. Government costs on two-year notes rose from 2.353 percent to 3.355 percent.

"We need to find a way to reduce the tax burden on workers and businesses," Bank of Italy Deputy Director General Salvatore Rossi said at a House hearing Tuesday.

Meanwhile, the International Monetary Fund predicts Italy will drop into a recession with the annual rate of economic growth at minus 0.3 percent for the year.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Most Popular
1
Hershey's new logo launched, compared to emoji poop
2
The 'Home of the Whopper' to keep headquarters in U.S.
3
Canadian media must broadcast official emergency notifications
4
France receives upgraded aerial tanker
5
Kurds raise oil funds for refugees
Trending News
Video
x
Feedback