Per CNBC
Pasta prices saw a 17.5% increase in March and 16.5% in April in Italy
5/25/2023
The price of pasta in Italy has raised to a point where there are being talks of a strike in an attempt to bring prices back down. In March, pasta saw an increase of 17.5%, while in April, it increased by 16.5%.
The minister of business of Italy cited Istat data to show how much the price of pasta increased in March and April. Per Refinitiv data, it was also revealed that pasta saw an 8.1% YOY increase in April and an 8.7% YOY increase in March.
Across the board, year-on-year, it was noted that restaurant prices for pasta have increased by 6.1%. This was critical since it was noted that per year, an average Italian would consume almost 23kg of pasta, according to the International Pasta Organization.
Furio Truzzi, the President of Assoutenti, mentioned how wheat and energy prices were to blame for the rising prices.
“This is due to the disposal of stocks produced with higher costs of raw materials,”
It was noted that the reason for the price increase was that the stocks being sold were made during the time that there was an increase in the costs of raw materials.
In December, it was reported that around 70% of Americans suffered from food inflation and were struggling to afford groceries. This came from a survey of 1,500 participants, which showed that most were struggling to buy groceries.
This came as the price of eggs, coffee, and cereal grew. The reason why this mattered was because these foods were also commonplace in the American diet.
In March, it was reported that homeowners were swarming to HELOCs at the fastest rate in over a decade just to pay for food, gas, and renovations. This came as US homeowners were reportedly sitting on $29. trillion worth of home equity, according to the Federal Reserve.
See flow at unusualwhales.com/flow.
Other News:
- Around 70% of Americans Reportedly Suffer from Food Inflation and Now Struggle to Afford Groceries
- Homeowners are swarming to HELOCs at the fastest rate in more than a decade to pay for food, gas, and renovations
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