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Austrian inflation hits 5.4 percent in October

Aaron Burnett
Aaron Burnett - [email protected]
Austrian inflation hits 5.4 percent in October
Fuel price declines have helped Austrian inflation to slow recently. Photo by Erik Mclean on Unsplash

The pace of rising Austrian inflation is slowing, but it’s still high by European standards.

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At 5.4 percent, October inflation in Austria is at the lowest rate seen since Russia’s invasion of Ukraine began in February 2022.

Dropping down from the 11 percent seen at this same time last year, the 7.4 percent hit in August or six percent last month – October cost of living rises in Austria reflect a steady downward trend.

Statistics Austria Head Tobias Thomas credits slowing furniture and food price rises for much of the decline in the inflation rate – along with a price fall in a particularly big item.

“Fuel prices are down,” says Thomas. “It is significantly cheaper now than it was at this time last year.”

Economics Minister Martin Kocher (ÖVP) says he expects government anti-inflation measures – such as the upcoming nationwide rent brake – to further dampen inflation in 2024. He does, however, caution that world conflicts could still have unexpected shocks on fuel and energy prices.

READ ALSO: Austria to introduce nationwide rent brake

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Although Austrian inflation is slowing, it does remain high compared to many European neighbours.

German inflation in October came in at 4.3 percent, Finland at three percent, and Denmark at 0.6 percent.

Austrian inflation still remains lower than Poland’s at 7.7 percent, Slovakia at nine percent, or Hungary at 12.2 percent.

READ ALSO: KEY POINTS: How Austria’s new cost of living measures will affect you

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