Inflation continues to soar in Austria, reaching 10.5% in September, the highest level since July 1952, Austria’s federal statistical office, Statistik Austria, said on Wednesday.
September’s inflation rate was 1.2 percentage points higher than in August and surpassed high inflation levels “during the oil crisis of the 1970s”, Statistik Austria said in a statement.
Tobias Thomas, managing director of Statistik Austria, said soaring energy and fuel prices for households were the main driver of inflation in September.
Last week, Austria’s central bank (OeNB) upgraded its inflation forecast for the years 2022 to 2024, citing soaring energy prices and labor costs. It now expects the country’s annual inflation rate to hit 8.5% in 2022, down from a forecast of 7.6% in July.
The Austrian government has introduced several anti-inflation measures to support households and businesses, including direct payments to families. However, the OeNB considered that these measures might not have a significant impact. The central bank forecasts inflation of 6.4% in 2023 and 3.7% in 2024.
