Austria’s inflation hits 47-yr high in 2022

Consumer prices rose by an average of 8.6 percent in Austria last year, more than three times the inflation rate in 2021 and the highest annual increase since 1975, Statistics Austria said on Monday.

Last year’s high inflation was mainly driven by surging prices of household energy, fuels, food and restaurants, said Director-General of Statistics Austria Tobias Thomas in a statement.

In particular, gas prices surged by 80.8 percent year-on-year in 2022, according to Statistics Austria.

Thomas added that the price rally in Austria “lost some momentum at the end of the year,” thanks to the country’s electricity price brake and the easing of price pressure for fuels. The country’s inflation rate, as a result, edged down from 10.6 percent in November to 10.2 percent in December.

Josef Baumgartner, an economist from the Austrian Institute of Economic Research (WIFO), told Austrian broadcaster ORF on Monday that Austria’s inflation in 2023 will slow down to around 6.5 percent with easing pressures on energy prices, but food prices are expected to rise further. ■

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