High inflation is currently making life much more expensive. A specially appointed committee, composed of representatives of the Ministry of Finance and the Ministry of Social Affairs, social partners and economic researchers, as well as, among others, the Senior Citizens’ Council and the Federal Youth Council, will meet for the first time on April 25 on exactly this subject. . The group is meeting “to observe and analyze inflation trends,” according to an announcement from the Ministry of Finance and Social Affairs.
The aim is to gain more insight into current and possible future price developments and to monitor inflation developments and their economic effects. The meetings should take place regularly.
Finance ministers, social partners, experts
Finance Minister Magnus Brunner (ÖVP) will meet with social partners on April 20 to discuss the current situation and the effects of inflation. A vision of the expert group must also be given there. Austria has already put together two anti-inflation packages with a total volume of four billion euros, Brunner said in a broadcast on Wednesday. “Nevertheless, current price increases and higher inflation will have an impact on aggregate supply and demand.”
“Prices are a huge challenge for many people. Increases in energy and food prices mainly affect people with low incomes,” said Minister of Social Affairs Johannes Rauch (Groenen).
As high as it hasn’t been in 40 years
According to a quick estimate by Statistics Austria, inflation in Austria was 6.8 percent in March, the highest since November 1981. Energy prices remain the main drivers. In February inflation was 5.9 percent.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
