For the whole of 2022, the inflation rate was 8.6 percent – inflation was last higher in 1974 at 9.5 percent. Compared to November, consumer prices rose by 0.2 percent in December, but inflation slowed down. “Both the electricity price brake and the sharp drop in fuel price pressure contributed to the decline,” said Statistics Austria Director General Tobias Thomas. “In the case of food and gastronomy, however, the upward trend in prices was still unbroken at the end of the year.” According to Statistics Austria, without the electricity price brake, inflation would have been 10.8 percent in December.
For the year as a whole, the inflation rate more than tripled compared to 2021, reaching its highest level since the first oil price crisis in 1974. “The main reason was the price development for household energy, fuel, food and in the catering trade,” explained Thomas.
For housing, water and energy, the price increases in 2022 were three and a half times as high as in 2021, averaging 12.6 percent. Transport prices rose by 16.2 percent, around two and a half times as much as in 2021.
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