Rome: The National Consumer Union (UNC) reported this week that over a third of Italian families have seen a decline in their standard of living over the past year as a result of rising inflation.

According to the UNC, 30.5% of Italian households experienced worsening financial circumstances in 2021, but 35.1% did so last year.

They attributed the outcomes to skyrocketing bills brought on by increases in the cost of goods and services as well as energy.

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The results are alarming but were widely anticipated, according to UNC President Massimiliano Donna.

market, which surpassed the UNC rating for the most expensive goods and services last year, have sharply increased.

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"The information pertaining to those who view their situation as stable may not always be viewed favourably. In general, this definition encompasses anyone who found it difficult to make ends meet in both 2021 and 2022. There is therefore no reason to be joyful, Donna continued.

As basic food items have seen dramatic price increases in the nation, with the prices of various vegetable oils, excluding olive oil, surging more than 50% year-over-year, the cost of living is continuing to rise and is becoming more "unbearable," the study found.

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According to the UNC, families with two children will pay an additional €2,306 ($2,515) per year due to inflation, of which Italian households will spend €1,015 on food and beverages and €1,062 on other items in the consumer basket