According to Statistics Austria, inflation in Austria fell only slightly to 5.3 percent in November, after 5.4 percent in October. The previous trend of declining inflation rates is weakening considerably.
Compared to the previous month of October, there was a price increase of 0.2 percent, the authority announced on Tuesday. “We are currently observing very contradictory price movements,” said Tobias Thomas, Managing Director of Statistics Austria, according to the broadcast.
Domestic energy hardly dampens prices
On the one hand, price increases are decreasing in many areas, especially in restaurants. Fuel remained significantly cheaper than in the same month last year. On the other hand, household energy has a less price-dampening effect than in previous months. According to Thomas, package holidays have become significantly more expensive.
Prices for restaurants and accommodation providers were also the main driver of inflation in November compared to the previous year. According to calculations by Statistics Austria, inflation without expenditure on restaurants, hotels and housing would be only 2.9 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.
