ROME - Italy's new government aims to reduce the country's budget deficit and public debt, Economy Minister Giancarlo Giorgetti said on Monday, also promising action to help families and firms facing surging inflation.

"The new government aims to confirm its commitment - in the coming years - to reduce the deficit of the public sector and the debt to GDP ratio," Giorgetti said at a banking conference in his first speech since taking office.

Italian inflation, driven by surging energy costs, hit 12.8% in October, the highest level since the country's EU-harmonised index was launched in 1996.

Giorgetti, from the right-wing League party, noted that Germany and France had already announced "large-scale measures" of economic support to tackle the energy and inflation crises, and said Italy must not be afraid to do the same.

"We are profoundly convinced of the need to protect families, especially the weakest, from the rise in energy bills and the cost of living," he said.

Giorgia Meloni's rightist government took office earlier in October, promising tax cuts and higher pensions.

It got some good news on Monday when data showed the economy grew 0.5% in the third quarter from the previous three months, beating expectations for a flat reading.

Giorgetti's pledge of fiscal consolidation followed a call on Monday for "prudence" with state accounts from Bank of Italy Governor Ignazio Visco.

"The room for providing help for to families and companies is likely to be much more limited than it has been in the last two years," Visco said, speaking at the same conference as Giorgetti.

(Reporting by Giuseppe Fonte, writing by Gavin Jones, editing by Keith Weir)