Inflation remains at a high level: it is expected to reach 11.0% for February 2023, according to calculations by Statistics Austria as part of a flash estimate. Compared to the previous month, the price level is expected to increase by 1.0%. A trend that looks different in many parts of Europe.
In January inflation was 11.2 percent – the highest level in the current wave of inflation. The inflation calculation measures how much prices have risen over the past 12 months.
Food and energy expensive
“The persistently high inflation is partly due to price increases for food, household energy and catering,” Austria’s director-general of statistics, Tobias Thomas, said on Thursday.
A year ago, in February 2022, many product groups, especially food, electricity and gas, were still significantly cheaper for household customers. Economists expect inflation to weaken in the course of the year, also because the so-called base effect sets in. After the outbreak of war in Ukraine and in the summer of 2022, diesel and petrol were significantly more expensive than now. This effect should, among other things, dampen inflation in the coming months.
Austria with high inflation
Compared to other EU countries, inflation in Austria is currently higher. For example, Germany reported an expected inflation rate of 8.7 percent for February on Wednesday. Things have also calmed down in many other EU countries.
Source: Krone
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