2023-10-18 12:38:55
Austrian cost of living increases are finally slowing down – at least in their pace. But the relief could be short-lived depending on how the current conflict in the Middle East goes.
Statistics Austria released September inflation numbers showing how slowing energy and fuel costs – once largely responsible for big inflation increases – had actually stagnated in September, helping to dampen overall increases in cost of living.
“Inflation is at its lowest level now since February 2022, when the war in Ukraine began,” says Statistics Austria head Tobias Thomas. “We are now seeing significant price declines for electricity and lower inflation rates for gas and district heating.”
However, the overall world price of oil has risen from around $75 USD a barrel to around $90 since October 7th’s terrorist attacks by Hamas against Israeli civilians and the subsequent war in the region, which Statistics Austria says could see inflation rise again overall in the next few months.
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In addition, although the overall inflation rate might be slowing, the price increases in some goods remain stubbornly high. These include hotels and hospitality, which went up over eleven percent in September, while grocery prices rose 8.4 percent.
The price of clothing in Austria is now 16 percent higher than it was a year ago.
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