Inflation in the country

Prices have risen again: It’s significantly more expensive

(Bild: Rojsek-Wiedergut Uta)

In December 2024, life became two percent more expensive again compared to the previous year. Compared to the previous month of November, prices rose by 0.6% according to a quick estimate by Statistics Austria. 

The strongest price drivers were once again services, which were 4.6% more expensive than in December 2023. The price increase for food, tobacco and alcohol was 1.7%.

Energy prices down
Energy prices were 7% lower than in 2023 and had a dampening effect on prices.

"Stability target achieved"
Statistics Austria Director General Tobias Thomas emphasized on Tuesday that the two per cent increase in inflation was exactly in line with the European Central Bank's stability target. In the previous three months, inflation in Austria had been slightly lower in each case. The figures are a quick estimate by Statistics Austria, the final figure will be published on January 15th.

Statistics Austria Director General Tobias Thomas

(Bild: Statistik Austria/Helmrich)

Inflation slightly lower than in Germany
By comparison, inflation in Germany rose for the third time in a row in December. Consumer prices rose by 2.6 percent compared to the previous year. In November, the inflation rate was still at 2.2 percent, in October at 2.0 percent and in September at 1.6 percent. Nevertheless, German inflation calmed down last year. On average, goods and services became 2.2% more expensive over the year. In 2023, the inflation rate in Germany was 5.9%.

This year's inflation is particularly interesting for employees in the retail sector. The social partners reached a two-year agreement in Vienna in the fall of 2024, according to which the collective agreement for 2026 will be based directly on inflation in 2025.