Austria has seen a decrease in inflation in the spring, with a flash estimate by Statistics Austria showing a rate of 3.3 percent in May compared to 3.5 percent in April. This marks the first time since October 2021 that inflation has fallen below the four percent mark. While housing and energy prices are still driving inflation less strongly, food price increases are slightly below average, and catering industry prices are significantly higher.
The European standard harmonized consumer price index (HICP) in Austria was also 3.3 percent in May compared to the previous year, with a 0.1 percent increase from the previous month. Finance Minister Magnus Brunner noted that Austria now has a lower inflation rate than Spain. Consumer prices in the eurozone were 2.6 percent in May compared to the previous year, with Latvia, Finland, Italy, and Lithuania having the lowest rates.
Recent research by the Chamber of Labor revealed that identical branded foods in Austria are around 24 percent more expensive than in Germany. The most significant price differences were seen in products like Philadelphia cream cheese, Maggi Asian noodles, and Calippo ice cream. The AK Head of Economics called for an end to multinational corporations charging different prices for the same products in different countries.
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