Due to the Ukraine War: Austrian National Bank Still Expects Huge Inflation in 2022

EnergyOil & Gas ♦ Published: April 11, 2022; 20:24 ♦ (Vindobona)

Shortages of raw materials and high energy prices, triggered by the Russian war of aggression in Ukraine, have led to an increased inflation rate of 5.6% in Austria. After the highest measured inflation rate in March 2022 since joining the monetary union, there is no easing now; this is not expected until 2023.

The current inflation rate in Austria is higher than it has ever been since the euro was introduced. / Picture: © Wikimedia Commons / Usien [Public Domain]

High inflation in Austria will not get any lower in 2022. According to the latest forecast by the Austrian National Bank (OeNB), the inflation rate for Austria measured by the Harmonized Index of Consumer Prices (HICP) will rise to 5.6% in 2022, followed by declines to 2.9% in 2023 and 2.2% in 2024.

In particular, high commodity prices and the enormous economic impact of…