Inflation in Austria in June will be the highest in 47 years

Annual inflation in Austria in June is expected to be the highest since September 1975. This is evidenced by preliminary data from the federal statistical office Statistik Austria.

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The price growth rate should be 8.7%. This is 1.4% more than the inflation recorded in May. In the last month of spring, annual inflation also reached its highest level since April 1976, reaching 7.7%.

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“The strong rise in prices this year accelerated even more in June and could reach 8.7%. This is evidenced by the preliminary estimates of Statistik Austria. The inflation rate has thus reached its highest level since September 1975,” said Tobias Thomas, CEO of Statistik Austria.

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According to him, prices are increasing in almost all areas. The increase in prices for fuel and fuel oil was accompanied by an increase in the cost of menu items in restaurants and grocery retail.

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Earlier on July 1, Austrian Energy Minister Leonore Gewessler said the country was in an extremely tense situation regarding gas reserves. According to the minister, Austria intends to fill the gas storage facilities by 80% by winter. She noted that now they are only 44.7% full.