Inflation will burn 10bn in 3 yrs says retail group

(ANSA) - ROME, MAY 28 - Retail group Confesercenti on Sunday warned that inflation in Italy will 'burn' 10 billion euros in the next three years.
    "The price race will not stop. The inflation rate will remain above 2% until at least 2025, and risks burning 10 billion euros of purchasing power of families in three years," warned Confesercenti.
    Its estimate also underlined the impact on taxation: "A taste is being felt with the cut in the tax wedge prepared by the government, part of which will be eroded by the tax authorities.
    "We must therefore revise the rate structure to cancel out the negative effects of fiscal drag, or we risk weakening the impetus that the tax reform under preparation could produce on household spending capacity".
    Italy's annual inflation rate rose to 8.2% in April, up from 7.6% in March to end several months of falls. (ANSA).