Austria's inflation rate spikes to 40-year high

ANKARA

Consumer inflation in Austria soared 6.8% in March, marking the highest annual jump in 40 years, according to official data released on Thursday.

This was the largest annual increase in consumer inflation since the 7% spike recorded in November 1981, read a Statistics Austria statement.

“The main price driver in March was a jump in the price of fuel, which had already been a strong price driver in the past,” said Statistics Austria head Tobias Thomas.

“Prices for household energy also continued to rise, especially heating oil prices, which at +118.5% more than doubled compared to the same month of the previous year,” he added.

Transport expenditures rose 15.9% last month compared to March 2021.

Russia’s ongoing war on Ukraine has caused global energy prices to shoot up, increasing pressure on a global economy already trying to recover from the COVID-19 pandemic.​​​​​​​