In Italy, an expensive year -- and decade

ROME, Dec. 31 (UPI) -- Purchasing power for Italians has gone down significantly in the past 10 years, a consumer group said.

The group Codacons said the average family of four has lost $14,052 in purchasing power over 10 years, due to rising prices for goods and housing and cutbacks in government programs, ANSA reported Saturday.

Prices for electricity are scheduled to rise an additional 4.9 percent in the new year, while gas prices will go up 2.7 percent. Over the course of the year, the average family will shell out about $28.50 more on gas per quarter and $41.50 every three months on higher electricity bills.

Investors in Italy had a tough year, too. The Milan stock exchange lost $129 billion in 2011, the worse drop since 2008, when the financial crisis was in full swing.

Even the government took a hit. The cost of government borrowing -- yields on 10-year benchmark Italian bonds -- rose Friday to 7.07 percent. By comparison, 10-year U.S. bonds were under 2 percent Friday.