Four months of war in Iran have wiped out two years of recovery in Italian paychecks. In January, the gap accumulated since 2021 between prices and wages had dropped to seven percentage points, by July it had returned to May 2024 levels: 9.7 points. In five years prices have increased by 22.7%, wages of employees by 13%.
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The snapshot is from the Findomestic Observatory which compares the trend of prices with employee wages (corresponding to almost 80% of employees).
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The interrupted recovery
The lowest point was reached in December 2022, when the gap between wages and inflation hit 13.4 points. Since then, contract renewals and the slowdown in prices had reduced part of the loss. In January 2026 the trend seemed favorable; then the war, difficulties in traffic through the Strait of Hormuz, and a new surge in energy raw materials.
In the first quarter, the disposable income of Italian families increased by 1.6% compared to the previous three months; purchasing power calculated by Istat rose by 0.8%; the propensity to save grew to 8%.
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