The price of imported energy in Italy, one of the major economies of EUhas increased by more than 70% over the same period last year.
In Italy, Imported energy prices increase 72.5% in March compared with the same period last year, the National Institute of Statistics (ISTAT) said. The data also shows that energy prices in Italy have increased by 5.6% compared to February.
Italy, which is heavily dependent on Russia for its energy needs, has seen its economic growth outlook deteriorate significantly since the imposition of Western sanctions on Russia.
Italy’s economy shrank 0.2 percent in the first quarter of 2022 compared with three months earlier. The Italian government expects much lower growth this year as inflation rises along with supply bottlenecks, RT reported on May 17.
In early May, Italy announced a huge package of measures aimed at protecting companies and homes from rising energy costs. The package of solutions that Italy implemented also includes measures to overcome this southern European country’s dependence on Russian gas before mid-2024. Italy also extended the life of four coal-fired power plants to two years and accelerated the deployment of renewable energy sources.
In addition to soaring fuel prices, ISTAT data also shows that Italy’s exports to Russia decreased by 50.9% compared to March 2021.