“In August 2022, the inflation rate fell slightly for the first time since April 2021, but remains above the nine percent mark at 9.3 percent”, said Statistics Austria’s director general Tobias Thomas.
“The main reason for the slight decline was fuel prices, which fell by 10.4 percent compared to the previous month but remained the strongest driver of inflation year-on-year”, he added.
Higher costs for housing, water and energy (+13.8 percent; heating oil +106.6 percent, gas +71.0 percent) turned out to be the most important price driver, followed by transport (+16.8 percent compared to August 2021; including fuels +44.0 percent and used cars 24.4 percent).
The third most significant price driver was food and non-alcoholic beverages (+13.1 percent; food +13.0 percent). In particular, there were increases in basic food items such as bread and cereal (+12.8 percent). Milk, cheese and eggs also cost noticeably more, with a 19.5 percent increase.
The price of meat is up 14.3 percent, vegetables by 12.1 percent and oils and fats by 30.1 percent. At least the cost of fruit has only risen by 3.1 percent in Austria.
Restaurants and hotels showed price increases of 9.9 percent.
“Without the current development of fuel prices, inflation would be 9.9 percent”, Thomas said.
“In contrast, the trend of rising prices for household energy, food and catering remained unbroken,” Statistics Austria Director General added.
With high inflation and rising costs of living, Austria’s federal government has announced several measures looking to cushion the effects on the public.
From bonus payments to a cap on electricity prices, one of the most significant measures for the population is the one-off €500 payment known as the “climate and anti-inflation bonus”, or Klimabonus, for short.
The climate bonus payment should arrive to every person entitled (around eight million people) in the coming weeks.