Price driver gastronomy

Inflation down to 3.5 percent in April

However, prices in the catering sector rose.

(Bild: S-MOTIVE, stock.adobe.com)

According to a flash estimate by Statistics Austria, inflation in Austria fell to 3.5% in April, the lowest level since September 2021. Compared to the previous month of March, the price level rose by an estimated 0.1 percent.

According to Statistics Austria, this is partly due to the fact that gas prices fell significantly below the high level of the previous year for the first time since 2020. In addition, package holidays in particular had a dampening effect on prices compared to the previous year, having been a strong price driver in the previous twelve months.

"However, price increases in the catering sector are still above average and fuel prices are continuing to rise," Tobias Thomas, Director General of Statistics Austria, is quoted as saying on their website.

In view of the forecasts, Finance Minister Magnus Brunner (ÖVP) assumes that annual inflation will halve in 2024 compared to the previous year. "Incidentally, the Harmonized Index of Consumer Prices (HICP) has the same value as Spain at 3.4 percent," he is quoted as saying in a press release.

Inflation in Germany significantly lower
In an EU comparison, however, domestic inflation remains high. By way of comparison, inflation in Germany was 2.2 percent in April, as the Federal Statistical Office in Wiesbaden announced on Monday based on an initial estimate. 

This brings our neighbors closer to the European Central Bank's (ECB) target of an inflation rate of two percent, which it considers to be the optimum level for the economy in the currency area.

Consumer prices up in France
Consumer prices in France, on the other hand, have risen somewhat - contrary to expectations. The price level measured according to the European method (HICP) rose by 2.4 percent over the year as in the previous month, as announced by the statistics office Insee in Paris on Tuesday. Analysts had expected a fall to 2.2 percent.