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Boston Herald
Boston Herald
27 Jun 2023
Boston Herald Wire Services


NextImg:Ticker: Italian pasta strike averted; US consumer confidence jumps

Italians can celebrate lower pasta prices but must face higher prices across the board for fruit and vegetables.

Italy’s industry ministry reported that prices of pasta had fallen by an average of 0.3% in May compared with a month earlier, saying that a monitoring system it set up had the intended effect of reducing prices.

As a result, the Assoutenti consumer group called off a pasta strike planned for this week, intended to force down prices by reducing demand.

President Furio Truzzi said, however, that despite the overall decreases, pasta prices are obstinately high in some cities and that the group was still considering targeted strikes later this summer.

The price of a kilogram of pasta had dropped to 2.12 euros  or abouit $2.32 in the Adriatic port city of Ancona from a high of 2.44 euros in March, and to 2.02 euros in Genova from a peak of 2.38 euros. The price dipped below 2 euros in many cities.

The American consumer’s confidence jumped in June to its highest level in 18 months as a strong labor market continues to buoy the U.S. economy.

The Conference Board reported Tuesday that its consumer confidence index rose to 109.7 in June from 102.5 in May. That’s the highest the reading has been since January of 2022 and much higher than economists had forecast.

The business research group’s present situation index — which measures consumers’ assessment of current business and labor market conditions — rose to 155.3 from 148.9 in May.

Consumer spending, which makes up about 70% of U.S. economic activity, has held up well despite the Federal Reserve raising interest rates in its effort to cool the economy and bring down persistent, four-decade high inflation.