EU country’s inflation shows no sign of slowing

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Austria’s consumer price inflation has continued to grow, reaching 9.7% year on year in April, according to the national statistics office on Wednesday.

According to Statistics Austria, the percentage increased from 9.2% the previous month to slightly under 9.8% in a flash report released on May 2.

In April, inflation was 9.5%, up from 9.2% in March, when compared to other European Union countries.

According to the survey, electricity expenses increased 14.7% year on year, followed by a 14.2% increase in restaurant and hotel costs. Transportation costs were 3.3% higher in April 2022 than in April 2021.

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

According to the organisation, prices for package tours including flights increased by 18.5% compared to April of previous year. Year on year, airline tickets increased by 19.1%.

The Austrian government has come under increasing fire for its efforts to combat inflation, which is higher than the EU average. Authorities have thus far relied primarily on measures such as assistance payments, and have only acted directly with an electricity price restriction.