Inflation in Austria remained at a very high level of 7.8 percent in 2023. The value was in any case 0.8 points below that of 2022, when it was still 8.6 percent.
But 7.8 percent is about four times the ECB target of 2 percent, CBS noted on Wednesday. For December alone, the statistical authority reported an increase in annual inflation to 5.6 percent, after 5.3 percent in December 2022.
Gastronomy and food prices as inflation drivers
“The decline in inflation was more pronounced in most other eurozone countries in 2023,” Tobias Thomas, head of the authorities, emphasized in a press release on Wednesday. “More than half of inflation in 2023 will be due to sharp price increases in restaurants, food, household energy and home maintenance.”
Lower fuel prices had a dampening effect on prices for the entire year. Compared to December, these again caused an increase in this month of 2023 compared to 2022.
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.
