Inflation, which has soared recently, weakened towards the end of 2022. According to Statistics Austria, inflation stood at 10.2 percent in December – in November this figure was still 10.6 percent on an annual basis. For all of 2022, the inflation rate was 8.6 percent – inflation was last higher in 1974 at 9.5 percent. According to Statistics Austria, the drag on the electricity price has also led to a leveling off of inflation.
Compared to November, consumer prices rose by 0.2 percent in December, but inflation slowed. “Both the drag on the electricity price and the sharp drop in pressure on fuel prices contributed to the decline,” said Tobias Thomas, director general of statistics Austria.
“In the case of food and gastronomy, however, the upward trend in prices at the end of the year was still unbroken.” Inflation 10.8 percent in December.
Inflation tripled year on year
For the full year, inflation more than tripled compared to 2021, reaching the highest level since the first oil price crisis in 1974. “The main reason was the price development for household energy, fuel, food and in the hospitality industry,” explains Thomas .
For housing, water and energy, price increases in 2022 were three and a half times higher than in 2021, an average of 12.6 percent. Transport prices rose by 16.2 percent, about two and a half times as much as in 2021.
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.
