Inflation rate in Austria in July up 93

Inflation rate in Austria in July up 9.3%

With an inflation rate of 9.3%, the highest inflation rate since February 1975 was measured for the month of July. Fuel prices are still the biggest drivers of inflation. However, these prices are stagnant at a high level. there was for that Noticeable price increases for domestic energy and gastronomy, as Statistics Austria announced on Thursday.

Weekly shopping has also become significantly more expensive: the July mini-shopping basket price increase was 19.1%, more than double overall inflation. The micro shopping basket, which in addition to food, also contains daily newspapers or coffee in the cafeteria and reflects daily purchases, increased by 10.4% over the previous year.

If we calculate expenses with fuel, energy, food and gastronomy from the inflation rate, we arrive at an inflation rate of 3.7%.

Plus 12.5 percent for food

Prices of food and non-alcoholic beverages increased by an average of 12.5%. Customers paid 17.4% more for milk, cheese and eggs and 13.9% more for meat. Vegetables rose in price by 12.5 percent, bread and cereals by 11.2 percent.

Most expensive tour packages

At restaurants and hotels, prices rose 9.3 percent. Consumers had to pay 3.8% more for tour packages in July. The prices of leisure and cultural services rose by an average of 3.3 percent.

Housing, water and energy prices rose by an average of 12.5 percent. The biggest price drivers here were energy (+34.4%). The 13.5 percent increase in domestic maintenance costs was mainly due to higher material costs (+16.1 percent).

Significantly more expensive new cars

Transport prices increased by an average of 21.8 percent. This changed the inflation rate by 2.97 percentage points. Fuel prices rose 63.1%. Used car prices increased by 24.7%, while new car prices increased by 8.9%. Consumers pay 5% more for vehicle repairs. And airline tickets were more expensive, on average, by 32.1%.

And in the eurozone, too, inflation is running from record to record. As a result, a further sharp rise in interest rates by the European Central Bank (ECB) should become increasingly likely. In July, consumer prices rose 8.9 percent from a year earlier, according to statistics office Eurostat on Thursday, confirming an initial estimate. This is the highest level of inflation since the introduction of the euro.

Inflation rate in June 8.6 percent

In June, the inflation rate was 8.6%. Thus, the ECB is still clearly short of its inflation target. She is pointing to 2 percent as the ideal figure for the eurozone economy.