Consumer prices were nine percent higher in May than in May 2022. Statistics Austria announced this on Friday. Inflation has therefore slowed compared to April, when prices rose by 9.6 percent year-on-year. Food prices are still in the double digits.
In their flash estimate from two weeks ago, the statisticians assumed an inflation rate of 8.8 percent in May. Compared to April, the price level rose by 0.3 percent in May.
“Slowed down to a high level”
“Inflation has slowed to a high level,” said Austria’s director general of statistics, Tobias Thomas, according to the broadcast. Inflation in May was at its lowest level since June 2022. This is mainly due to fuels, which are significantly cheaper than a year ago. “Food and non-alcoholic beverages, as well as gastronomy and accommodation, rose slightly less in May than in the previous month, but inflation rates are still in the double digits here,” says Thomas.
On average, prices for food and non-alcoholic drinks rose by 12.3 percent. In May you paid an average of 13.6 percent more in restaurants and hotels, in April that was still +14.2 percent.
Housing and energy are the biggest price drivers
The increase in housing, water and energy prices (on average +15.1 percent) impacted inflation by +2.86 percentage points, remaining the main driver of annual inflation.
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.
