EU country’s inflation shows no sign of slowing

Austria’s consumer price inflation has continued to rise, accelerating to 9.7% in April on an annual basis, the national statistics office reported on Wednesday. 

According to Statistics Austria, the figure jumped from 9.2% in the previous month and was just below the 9.8% increase seen in a flash report published on May 2. 

Inflation harmonized to compare with other European Union countries also increased in April to 9.5%, up from 9.2% in March.

The report indicated that utility bills saw a major spike of 14.7% year-on-year, followed by a 14.2% rise in restaurant and hotel costs. Transport charges were 3.3% higher compared to April 2022.

“The prices for package tours abroad, which are in high demand, have increased significantly compared to the previous year and are becoming an important driver of inflation for the first time in a long time,” the head of the statistics office, Tobias Thomas, stated.

Prices for package tours with flights soared by 18.5% compared to April last year, according to the agency. Airline tickets were up 19.1% year-on-year.

The Austrian government has faced growing criticism over its efforts to tackle inflation which is above the EU average. Authorities have so far mainly relied on measures such as support payments, and have only directly intervened with an electricity price cap.

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