Austrian inflation rises 7.5 percent in August
Cost of living in Austria is still going up, with prices in August 2023 going up 7.5 percent compared to the same time last year.
Coming only a day after the government’s recently announced rent brake and inflation-fighting package, cost of living is still stubbornly going up in Austria.
The 7.5 percent increase seen in August 2023 is higher than July’s seven percent, but still lower than the 10 percent rates observed in some months last year.
Statistics Austria though says the high August reading should be an anomaly going forward.
“Fuel prices are reducing inflation far less than in previous months,” says Director-General Tobias Thomas. “The high price increases in September and October 2022 suggest that the trend should improve in the coming months when it comes to year-on-year comparisons.”
READ ALSO:
- Austria to introduce nationwide rent brake
- KEY POINTS: How Austria’s new cost of living measures will affect you
The agency also says that August was a particularly strong month in Austria for tourism, which spurred some of the inflation – but with summer over, won’t be sustained.
Austria currently has slightly higher inflation than the Eurozone average, prompting the government to announce Wednesday a package of inflation-fighting measures, including a nationwide three-year rent brake.
Finance Minister Magnus Brunner (ÖVP) reacted calmly to the announcement, saying he expects the inflation to go down over the next few months, with recent measures contributing.
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Coming only a day after the government’s recently announced rent brake and inflation-fighting package, cost of living is still stubbornly going up in Austria.
The 7.5 percent increase seen in August 2023 is higher than July’s seven percent, but still lower than the 10 percent rates observed in some months last year.
Statistics Austria though says the high August reading should be an anomaly going forward.
“Fuel prices are reducing inflation far less than in previous months,” says Director-General Tobias Thomas. “The high price increases in September and October 2022 suggest that the trend should improve in the coming months when it comes to year-on-year comparisons.”
READ ALSO:
- Austria to introduce nationwide rent brake
- KEY POINTS: How Austria’s new cost of living measures will affect you
The agency also says that August was a particularly strong month in Austria for tourism, which spurred some of the inflation – but with summer over, won’t be sustained.
Austria currently has slightly higher inflation than the Eurozone average, prompting the government to announce Wednesday a package of inflation-fighting measures, including a nationwide three-year rent brake.
Finance Minister Magnus Brunner (ÖVP) reacted calmly to the announcement, saying he expects the inflation to go down over the next few months, with recent measures contributing.
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