Inflation for January 2023 has risen to 11.2%, Statistics Austria announced on Thursday. This is the highest value in the current wave of inflation. Compared to December 2022, the average price level increased by 0.9%, with energy for households being the main price driver.
The increase in housing, water and energy prices (on average +19.3%) affected inflation by +3.66 percentage points, which was significantly stronger than in December. This was mainly due to higher household energy costs. Without the brake on the electricity price that has been in effect since December, the price increase would have been even stronger.
Clothing items were the main price-disrupting factors compared to the previous month due to winter sales. Food and non-alcoholic beverages, on the other hand, recorded average price increases of 17.0%.
Highest inflation in decades
Most recently, inflation had slowed slightly and stood at 10.2 percent in December 2022. Austria is currently experiencing the highest inflation in decades. At that time, in July 1952, inflation was 14.1 percent.
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.
