According to a quick estimate by Statistics Austria, inflation in December was 10.2 percent, after 10.6 percent in November and 11.0 percent in October, the authority announced on Thursday. According to Statistics Austria Director General Tobias Thomas, the main reasons for the recent decline are the electricity price brake that has been in effect since December and the noticeably decreasing price pressure for fuel.
In the case of food and gastronomy, on the other hand, the upward trend in prices continues. According to a provisional flash estimate, the harmonized inflation rate (HICP) for Austria, which is used to compare the eurozone, was 10.5 percent in December. The European Central Bank (ECB) actually sees an annual inflation rate of 2 percent as ideal.
The ECB took its foot off the gas a bit in December and, after two jumbo rate hikes of 0.75 percentage points each, raised key interest rates by 0.50 percentage points. ECB President Christine Lagarde held out the prospect of further interest rate hikes and signaled that the rate of hikes by half a percentage point would probably be maintained at the next meetings.
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