Inflation continues to slow. In July, inflation fell to 7.0 percent, the lowest level since March 2022, Statistics Austria announced on Friday. Although the trend seems positive, one aspect is worrying: fuel prices.
Responsible for the decrease is the decreasing price pressure for household energy. Heating oil and fuel oil in particular are significantly cheaper than a year ago, Austria’s director-general Tobias Thomas explains via a broadcast on Friday. The price increases in gastronomy and food remained at a similar level to last month.
However, the difference with the other euro countries could hardly be narrowed – Austria is still in the top third of the euro zone in terms of inflation. While other EU countries have already reached the ECB’s target of two percent inflation – including Spain and Belgium – Austria is still a long way from achieving it.
But not only the gap with other countries, which is still so large, is causing headaches for the experts. While fuel prices, which have recently contributed significantly to inflation, have fallen again, petrol and diesel prices are now rising again.
This is also evident from E-Control’s fuel price calculator – the upward trend has become even stronger recently. The median price for premium petrol is currently EUR 1,681 per liter and that for diesel EUR 1,699 per liter (as of Thursday). Crucial in this is the price for Rohhöhl, which has currently reached its peak of the year.
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.
