Rising inflation has caused a drop in the living standards of over a third of Italian families over the previous year, according to a new report from the National Consumer Union (UNC) this week.

The report noted that financial conditions worsened for 35.1% of Italian households last year, compared to 30.5% in 2021.

The report attributed the changes to soaring bills produced by spikes in the prices of energy as well as goods and services.

UNC President Massimiliano Donna said, “These are alarming but much expected results.”

Prices for electricity sold on the free market rose aggressively, placing it at the top of the UNC’s ratings list as the most expensive of all the goods and services last year.

Donna added, “The data regarding those who consider their situation as stable could not be necessarily viewed in a positive light. In general, all those who could hardly make ends meet both in 2021 and 2022 fall under this definition. So there is no reason to be happy.”

The report pointed out that the cost of living in the country is continuing to rise, and is becoming more “unbearable,” with basic food items skyrocketing in cost across the country. The study noted it was most notable among the prices of vegetable oils, excluding olive oil, which rose more than 50% year-over-year.

The report noted that for a family with two kids, current inflation, at 7.7%, is adding €2,306 ($2,515) to the family’s annual bills. Of that, Italian households will spend €1,015 on food and beverages, and €1,062 to cover other products in the consumer basket, according to the report.