Italy's inflation hits 6.8 pct, highest level since 1990

ROME - Italy's consumer price index climbed a record-setting 6.8 percent year-on-year in May, showed data released Thursday by the National Institute of Statistics (ISTAT).

The crisis in Ukraine and a slowdown in international trade have both contributed to the upward trend in prices, it said.

Thursday's price data was slightly below the preliminary estimate of 6.9 percent. However, it was still the highest year-on-year price hike in Italy since the creation of the euro currency, as well as the steepest climb since 1990.

The monthly inflation rate in May was 0.8 percent, ISTAT said.

Energy goods caused the biggest price hikes, increasing by 42.6 percent compared to a year earlier. Prices for general goods increased by 9.7 percent in May, mostly due to an increase in manufacturing and transport costs, while prices of services climbed 3.1 percent.