Average Italian family faces 3,000-euro annual price hikes

ROME, Jan. 23 (Xinhua) -- Record prices in Italy are eroding the standard of living in the country, according to data from the consumer advocacy group Codacons and ISTAT, the government's statistics entity.

Prices in Italy were a record 11.6 percent higher at the end of last year than a year earlier, and for 2022 as a whole prices were an average of 8.1 percent higher, ISTAT said. Meanwhile, wages failed to keep up with the inflation rate, resulting in a lower average standard of living.