Inflation in the euro area rose again in December for the first time in months. Austria has the second highest percentage. According to Statistics Austria’s flash estimate published on Friday, annual inflation in Austria rose to 5.6 percent in December, after 5.3 percent in November.
Financial expert and Country Manager of the Trade Republic Oswald Salcher explains in a conversation with moderator Tanja Pfaffeneder that gas prices in particular have risen the most in Austria. “In Austria we have the highest gas price in the entire European Union. There is no real reason why it has to be this way, politics has simply failed,” said Salcher. However, rising interest rates on savings deposits have also made loans for home builders more expensive. Rent control also only works to a very limited extent.
When asked whether private individuals can defend themselves against inflation, the financial expert says: “You should not hoard cash, cash is becoming less and less valuable due to inflation. There are also many offers to save money. But the best way is to think long term and invest money.”
You can see the entire interview with Oswald Salcher in the video above!
We explain what Austria is currently dealing with: the latest news conversations with politicians and experts.
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.
