Italian industrialists complain about unprecedented difficult situation over raw material prices

The Italian industry has found itself in an unprecedented difficult situation due to the rising cost of energy and raw materials, Report informs citing TASS that Vice-President of the Association of Industrialists of northern Italy Assolombarda Alberto Dossi said.

According to the Assolombarda research center, against the backdrop of recent geopolitical events, gas prices increased by 740%, wheat rose by 98%, and nickel surged by 154%.

"This is an unprecedented emergency that is hurting our companies. One in four companies is at risk of closing or reducing production if the conflict [in Ukraine] does not end in the next three months," Dossi said.

Assolombarda notes the rise in prices for all commodities. Compared to the period before the pandemic, vegetable oils have risen in price by 151%, steel - by 217%, and oil - by 72%. Industrialists call on the authorities to take measures to ensure the production capacity of companies.