Energy, transport, food: Austria's inflation hits double digits
Inflation in Austria has hit a 70-year high at 10.5 percent with costs for energy, transport and energy all contributing to the rise.
The overall inflation rate in Austria hit 10.5 percent in September – the highest rate in the Alpine Republic since 1952.
Household energy was the main price driver, followed by fuel costs for transport and food (groceries and restaurants).
The cost of housing, water and energy has gone up by 19.8 percent since September 2021, transport (including fuel) is up by 17.5 percent, and food and non-alcoholic beverages have increased by 13.9 percent.
FOR MEMBERS: EXPLAINED: How to keep energy bills down in Austria
Additionally, restaurant and hotel prices have increased by 10.5 percent in the past year.
Tobias Thomas, Director General at Statistics Austria, said: “In September 2022, the inflation rate of +10.5 percent not only exceeded the ten percent mark, but also the high levels during the oil crisis in the 1970s.
"A higher increase in consumer prices was last measured in July 1952, when the inflation rate was 14.1 percent."
In September 2022, the price of gas was 111.4 percent higher than the previous year, electricity cost 36.7 percent more, solid fuels increased by 97.6 percent, heating oil was up by 105.3 percent and district heat by 61.2 percent.
READ ALSO: ‘I feel ripped off’: What it’s really like living in Austria right now
When it comes to food, the average price of a daily shopping basket (which includes a newspaper and a coffee) rose by 11.5 percent. A weekly shopping basket (including food, services and fuel) increased by 16.1 percent.
To break it down even further, the cost of milk, cheese and eggs is up by 20.3 percent, meat has increased by 15.3 percent, bread and cereal products by 13.3 percent, and vegetables by 11 percent.
By comparison, inflation in the Euro zone stayed below 10 percent in September 2022, but only just at 9.9 percent. In September 2021, the inflation rate was 3.4 percent.
The average inflation rate in the EU in September 2022 was 10.9 percent.
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The overall inflation rate in Austria hit 10.5 percent in September – the highest rate in the Alpine Republic since 1952.
Household energy was the main price driver, followed by fuel costs for transport and food (groceries and restaurants).
The cost of housing, water and energy has gone up by 19.8 percent since September 2021, transport (including fuel) is up by 17.5 percent, and food and non-alcoholic beverages have increased by 13.9 percent.
FOR MEMBERS: EXPLAINED: How to keep energy bills down in Austria
Additionally, restaurant and hotel prices have increased by 10.5 percent in the past year.
Tobias Thomas, Director General at Statistics Austria, said: “In September 2022, the inflation rate of +10.5 percent not only exceeded the ten percent mark, but also the high levels during the oil crisis in the 1970s.
"A higher increase in consumer prices was last measured in July 1952, when the inflation rate was 14.1 percent."
In September 2022, the price of gas was 111.4 percent higher than the previous year, electricity cost 36.7 percent more, solid fuels increased by 97.6 percent, heating oil was up by 105.3 percent and district heat by 61.2 percent.
READ ALSO: ‘I feel ripped off’: What it’s really like living in Austria right now
When it comes to food, the average price of a daily shopping basket (which includes a newspaper and a coffee) rose by 11.5 percent. A weekly shopping basket (including food, services and fuel) increased by 16.1 percent.
To break it down even further, the cost of milk, cheese and eggs is up by 20.3 percent, meat has increased by 15.3 percent, bread and cereal products by 13.3 percent, and vegetables by 11 percent.
By comparison, inflation in the Euro zone stayed below 10 percent in September 2022, but only just at 9.9 percent. In September 2021, the inflation rate was 3.4 percent.
The average inflation rate in the EU in September 2022 was 10.9 percent.
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