In total, daily groceries are almost 15 percent more expensive than last year. There is a real price explosion for food. Inflation is unlikely to slow down until 2023.
In November you had to pay 37 percent more for a packet of butter than the year before. The price of cooking oil rose on average by almost 27 percent. Milk, cheese and eggs cost 21 percent more, followed by meat and soft drinks (each +16 percent), bread and vegetables (each more than +15 percent). The increase in fruit was relatively modest at 5.5 percent, according to Statistics Austria.
Wifo expert explains the price explosion
All in all, we had to dig 14.4 percent deeper into our pockets for daily shopping than in 2021. This is measured in the so-called micro-shopping basket, which contains 20 common items such as pastries, potatoes, Gouda cheese, bottled beer, frozen pizza and blend in the coffee house. “The high energy and raw material prices, such as grain, are now being passed on,” Wifo expert Josef Baumgartner explains the price explosion.
Their increase is striking: in January the price of the micro shopping basket rose by only 4.1 percent, in September it was already 11.5 percent and now it is almost 15 percent. According to Baumgartner, it’s a guess as to whether some manufacturers are stretching too hard, “but the data is too sparse for that.”
The indication is that total inflation has already decreased somewhat from eleven percent in October to 10.6 percent in November. The National Bank now expects 6.5 percent for 2023.
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.
