Steady rise in inflation rate shows Italy out of crisis

The steady rise in Italy's inflation rate is the proof that the country is finally out of recession, Italian Statistics Office ISTAT said in a preliminary report on Friday.

According to ISTAT's calculations, for a third consecutive month in October consumer prices have soared gaining 0.5 percent from September and 0.4 percent from a year earlier, local media reported.

The rise in inflation is the last of a series of optimistic economic signs demonstrating how the country has exited the global downturn.

On Oct. 15, the Bank of Italy announced that Italy had emerged from the worst recession since World War II. The economy has expanded about one percent with a considerable rise in export demand, reaching in August a record gain in industrial output.

In the past weeks, most government and institutional representatives have praised Italy's positive performance vis-a-vis the financial crisis.

On Thursday, Italy's central banker Mario Draghi announced that" the most acute phase of the crisis was over," expressing doubt however on a certain economic recovery without the implementation of new financial rules.

Draghi's warning was repeated on Friday by Italian President Giorgio Napolitano, who urged the rapid adoption of "structural economic reforms" to sustain the country's industrial growth.

Source: Xinhua