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Austria Inflation Rises As Estimated

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Austria’s consumer price inflation increased significantly in April to reach its highest level for over four decades, as initially estimated, latest figures from Statistics Austria showed April.

Consumer prices climbed 7.2 percent year-over-year in April, faster than March’s 6.8 percent rise. That was in line with the flash data published on April 29.

The latest increase in inflation was mainly driven by rising prices for fuel, energy and food items.

“We last saw such a high rate of inflation in Austria in October 1981. At that time, oil prices had risen sharply as a result of the first Gulf War,” Tobias Thomas, director general at Statistics Austria, said.

Transport costs alone surged 17.7 percent annually in April and utility costs rose 9.4 percent. Prices for food and non-alcoholic beverages logged an increase of 8.4 percent.

On a monthly basis, consumer prices went up 0.3 percent in April, as estimated.

The EU measure of harmonized index of consumer prices, or HICP, rose 7.1 percent annually in April, following a 6.6 percent increase in the preceding month.

In the initial estimate, the rate of HICP inflation in April was 7.2 percent and 6.7 percent in March.

On month-on-month basis, the HICP rose 0.6 percent in April, as estimated.

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