Inflation in Austria has not weakened further and remained at a strongly high level of 5.4 percent in November, according to a flash estimate from Statistics Austria. Compared to the previous month, the price level is expected to have increased by 0.2 percent.
“This means that the trend of declining inflation rates that we have observed since the beginning of the year has been interrupted for the time being. “This is mainly due to the fact that household energy prices have a significantly less dampening effect on headline inflation than in previous months,” Tobias Thomas, head of Austrian statistics, said on their website.
Prices for package holidays also rose significantly in November. According to Statistics Austria, the harmonized consumer price index (HICP) increased by 4.9 percent year-on-year.
Inflation remains high compared to the EU
Austria remains one of the countries in the eurozone with relatively high inflation. By comparison, inflation in Germany fell to 3.2 percent in November from 3.8 percent in October – which is the lowest value since June 2021, when it was 2.4 percent in our neighboring country.
The ECB aims for an inflation of two percent
The European Central Bank aims for an inflation rate of 2.0 percent for the eurozone. At this level, the monetary authorities consider that price stability is maintained.
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.
