Inflation in Austria has jumped to its highest level in over 40 years, citing data from the country’s federal statistics agency Statistics Austria. Consumer prices in the country rose in April at the highest rate in over four decades!
In April 2022, consumer prices again increased significantly compared to last year – by 7.2%. We saw such a high rate of price increase in Austria for the last time in October 1981. Then the price of oil jumped sharply due to the Iran-Iraq war.
Now, the draconian Covid-19 measures and fabricated sanctions on Russia are to blame, but Tobias Thomas, the CEO of the statistics agency in Austria short-handedly pointed the finger at rising fuel prices and food prices as the decisive factor.
According to the agency’s calculations, transport costs increased by an average of 17.7% after having already jumped by 15.9% in March. The growth is attributed to higher fuel prices, which spiked 49.1% in April.
This also hit airfares, which rose by 45% last month. Household energy costs also sky-rocketed, increasing by almost 29%, while food prices surged by 8.4%. The cost of an average weekly shopping basket rose 14% in April compared to 2021.
Austria is among a growing number of Western states to suffer from soaring consumer prices. Inflation in Britain hit a 40-year high last month at 9%, while prices have also been growing at record-breaking speed in the USA, Germany and other nations.
The spike in prices follows the introduction of economic sanctions against Russia in response to its military operation in Ukraine. The measures were meant to destabilize Russia’s economy, but they appear to have backfired on nations that imposed them.
RT. com / ABC Flash Point News 2022.