According to the latest data from Italy’s central bank, the nation’s state debt has continued to skyrocket, surging by €22 billion ($24.1 billion) in April month-over-month to reach a record high of €2.81 trillion ($3,1 trillion).

The last time the nation’s debt reached an all-time high was in March, when it hit €2.79 trillion ($3.06 trillion).

Italy’s public debt has been surging lately, hitting almost 155% of gross domestic product (GDP) at the end of 2020. Currently Eurostat pegs the amount of the national debt as being equal to 144% of the nation’s economic output.

The amount of the sovereign debt of Italy is such that if it were divided among all of the citizens of the nation, it would equal over €46,000 ($50,000) per person.

Following the lifting of Covid-related restrictions by the Italian government the nation’s economy began to recover, however soaring energy costs, disrupted supply chains, and Russia-related sanctions went on to weigh it down.

Meanwhile EU’s third-largest economy has continued to see its cost of living crisis worsen, driving up the amount of sovereign debt, as the government has borrowed in an attempt to ease the pressure on the citizenry through stimulus and aid payments.

Italy’s government has continually criticized the European Central Bank for its policy of monetary tightening, noting that the rate hikes aimed at reining in inflation have put immense pressure on its treasury, given how it is one of the Eurozone’s most indebted nations.

Currently the ranking shows that Italy is the second most indebted country in the Eurozone after Greece.