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Inflation Rate Increases to 3.3%

Published: May 16, 2011; 15:59 · (Vindobona)

The highest inflation rate in Austria since 2008 is mainly due to price increases of oil products and groceries.

Inflation Rate Increases to 3.3% / Picture: © Vindobona.org

During April, the Austrian inflation rate has continued to grow. Year-on-year, prices increased by 3.3% compared to only 3.1% in March. This is the highest rate since September 2008 with then 3.8%. The main factor for this development is the expensive oil and food products; the latter’s prices having increased by 3.7% over the year.

The cost of traffic went up by 6% compared to the previous year, accounting for 0.83 percentage points of the inflation rate in April. This increase is due to an 18% rise in fuel prices. The prices of food and non-alcoholic beverages combined went up by 4.2%, resulting in an increase of the consumer price index of 0.5 percentage points.

The so called mini basket of goods, which represents a weekly shopping, is 6.7% more expensive than a year ago while the price of the micro basket increased by 4.3%, fuel not being included in the calculation. Prices for habitation, water and energy went up by 2.9% on average, mainly due to increasingly expensive energy. Domestic fuel oil and gas prices increased by 24% and 7% respectively while electricity prices remained stable over the year.