2022 was not a good year for the purchasing power of the Austrians – everyone on the stock exchange and on the energy bill notices that. According to the Economic Research Institute (WIFO), inflation was 8.5 percent for the full year and across all expenditure items. A trend reversal is not in sight for the time being: we must also prepare for painful price increases in 2023.
groceries from flour to cola; electricity, gas, wood and pellets; hairdressing and other services; Industrial products: Nothing will become cheaper in 2023. But prices will certainly not rise at the same rate everywhere. In an interview with krone.at, economist Josef Baumgartner, inflation expert at WIFO, reveals what additional costs we should be prepared for in 2023. And whether rising wages and government support measures will cushion the worst.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
