Inflation in Austria: Highest Value Since Post-War Period
Inflation in Austria is getting higher and higher. At 10.5%, it has now exceeded the magic limit of 10 percentage points and is thus considered the highest inflation in Austria since the post-war period. Read on if you want to know which products have become more expensive!
Everyday foodstuffs are also affected by the sharp rise in prices. / Picture: © Wikimedia Commons / Lionel Allorge / CC BY-SA (https://creativecommons.org/licenses/by-sa/3.0)
The inflation rate continues to rise. Now it has reached a new peak. At 10.5 % in September, the historically high values in the seventies were finally exceeded and is considered the highest inflation since the year 1952. In August, inflation was still just below the magic limit of 10 % at 9.3 %.
"In September 2022, inflation at +10.5% has not only exceeded the ten per cent threshold, but also the high levels seen during the oil crisis in the seventies.
A higher increase in consumer prices was last measured in July 1952, when the inflation rate was 14.1 %. Inflation in September was fuelled by a strong surge in the price of household energy, which thus became the most important driver of inflation.
Fuel prices, which remained at a high level, were thus relegated to second place among the price drivers. Prices for food and catering also continued to rise strongly compared to the previous year," said Statistik Austria Director General Tobias Thomas.
The increase in prices for housing, water, energy (+19.8% on average) influenced the inflation rate by +3.74 percentage points and was thus significantly stronger than in August.
The main reason for this was the price development for household energy. The strong increases for electricity and gas were mainly influenced by tariff changes in Vienna and Lower Austria. The strong price increases for district heating were mainly due to tariff adjustments in Vienna.
Solid fuels also continued to rise strongly in price. The increase in heating oil prices, on the other hand, was approximately the same as in August. Prices for transport were also raised by an average of 17.5 %, slightly more than in August with 16.8 %.
In addition, fuel prices were consistently high, rising by 43% in September, similar to the 44% increase in August.
Food and non-alcoholic beverages rose by an average of 13.9%, a little more than in August with 13.1%. On average, food rose a little more than beverages, which increased by 13.5% in September.
Inflation was driven by products such as meat and milk, among others. Prices for meat rose by 15.3% and those for milk, cheese and eggs by a total of 20.3%. Oils and fats also increased significantly. These cost 29.8% more (including butter +39.6%). Fruit prices rose noticeably less.
Prices in restaurants and hotels rose by 10.5 %, slightly more than in August with 9.9 %. The main reason for this was the 10.2% increase in prices for catering services.