Consumer prices in Austria continue to rise sharply. According to the quick estimate, the inflation rate in April was 7.2%. The inflation rate had already risen to 6.8% in March, the highest since 1981. In February, the inflation rate was 5.9%.
Compared to the previous month, the domestic price level increased by 0.3%, according to the preliminary calculation. Fuel and energy products remained the main drivers, “but food is also having an additional price-rising effect,” Statistics Austria chief Tobias Thomas said on Friday. The last time annual inflation was in October 1981 it was 7.2%.
Comparisons in the euro zone
According to the estimate, Austria’s harmonized consumer price index (HICP), which is used to compare the euro zone, also rose by 7.2 percent from the same month a year ago and by 0.6 percent. in March. Statistics Austria will present a detailed report on inflation in Austria on 18 May.
Trade association requirements
The trade association sees the need for action. Measures to stabilize purchasing power are now essential. Of particular concern is the rise in producer prices in the manufacturing sector, which rose 21.2% in March. It must start with the cause and, therefore, with the main price drivers, namely energy prices. The state is currently recording huge additional revenue here. According to the trade association, it would also be important to significantly reduce non-wage labor costs.