In May, the highest inflation rate since April 1976 was reached. Compared to the previous month, the average price level rose by 0.8 percent. “First estimates of the May value had indicated an increase in consumer prices of 8.0 percent, which has now turned out to be lower due to the reduction in energy taxes on electricity and gas,” Statistics Austria Director General Tobias Thomas is quoted as saying in a press release.
According to the statistics authority, the tax relief had a greater impact on electricity prices than on gas prices. In the case of the latter, the inflation rate was 72.4 percent in May, and electricity even went down slightly by 0.1 percent. Inflation for heating oil is still high at 97.8 percent, but compared to April (+100.4 percent) the dynamic has calmed down somewhat. District heating was 16.5 percent more expensive in May than a year earlier. In general, the price pressure for household energy eased somewhat. In May, the corresponding inflation rate was 25.4 percent after 28.8 percent in April.
Transport costs increased by an average of 19.1 percent. The dominant price drivers here were fuel prices, which rose by 50.5 percent. Flight tickets were 57.3 percent more expensive year-on-year. Used motor vehicles also became significantly more expensive (+24.4 percent), while the price increase for new motor vehicles was somewhat lower (+7.8 percent).
Food prices rose by 8.8 percent. Vegetable prices increased by 12.5 percent. Meat was 11.3 percent more expensive, bread and cereals 8.6 percent more expensive.
Source: Nachrichten
