In May inflation was 7.7 percent – after 7.2 percent in April – the highest percentage since April 1976. Compared to the previous month, the average price level rose by 0.8 percent.
“First estimates of the May value had led to an eight percent increase in consumer prices, which has now been shown to be lower due to the reduction in energy taxes on electricity and gas,” said Statistics Austria Director-General Tobias Thomas.
Momentum slightly delayed due to tax cut
The tax credit had a greater effect on electricity prices than on gas prices. In the latter, inflation was 72.4 percent in May and electricity even fell slightly by 0.1 percent. Fuel oil inflation is still high at plus 97.8 percent, but compared to April (plus 100.4 percent) momentum has calmed down somewhat. District heating was 16.5 percent more expensive in May than a year earlier.
In general, price pressures for household energy have eased somewhat. In May, the corresponding inflation rate was 25.4 percent, compared to 28.8 percent in April.
Transport costs rose by an average of 19.1 percent. The dominant price drivers here were fuel prices, which rose by 50.5 percent. Airline tickets were 57.3 percent more expensive year on year. Used vehicles also became significantly more expensive (+24.4 percent), while the price increase for new vehicles was slightly lower (+7.8 percent).
Food is also more expensive
Food prices rose by 8.8 percent. Vegetable prices rose by 12.5 percent. Meat was 11.3 percent more expensive, bread and grains 8.6 percent more expensive.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
