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Austria inflation at highest since 1981 — RT Business News


Consumer prices in the country rose in April at the fastest pace in more than four decades

Inflation in Austria has jumped to its highest level in more than 40 years, media reported on Wednesday citing data from the country’s federal statistics agency, Statistics Austria.

In April 2022, consumer prices increased significantly again compared to last year – by 7.2%. We last saw such a high rate of price growth in Austria in October 1981. Then the price of oil jumped sharply due to the Iran-Iraq war. Today, with fuel and energy prices, food prices are the deciding factor,said the agency’s CEO, Tobias Thomas, in a statement.

According to the agency’s calculations, transport costs have increased by an average of 17.7% after having already jumped by 15.9% in March. The growth is attributed to higher fuel prices, which soared 49.1% in April. It also affected air fares, which rose 45% last month. Household energy costs also soared, rising nearly 29%, while food prices jumped 8.4%.

This week’s data shows that the cost of an average weekly basket rose 14% in April compared to a year ago.

READ MORE:
UK consumer prices hit 40-year highs

Austria is one of a growing number of Western states to suffer from soaring consumer prices. Inflation in Britain hit a 40-year high last month at 9%, while prices also rose at record speed in the United States, Germany and other countries. The price spike follows the introduction of economic sanctions against Russia in response to its military operation in Ukraine. The measures were intended to destabilize the Russian economy, but they appear to have backfired on the countries that imposed them.

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