Inflation in December 2024 was at 2 Percent
The strongest price drivers were once again services, which were 4.6 percent more expensive than in December 2023. The price increase for food, tobacco, and alcohol was 1.7 percent. Energy prices were 7 percent lower than in 2023 and had a price-damping effect.
On Tuesday, Tobias Thomas, Director General of Statistik Austria, emphasized in a press release that the two percent inflation exactly met the stability target of the European Central Bank. In the three months before, inflation in Austria was slightly below this. The figures are a rapid estimate by Statistik Austria, the final number will be announced on January 15th.
This Year's Inflation Particularly Interesting for Retail Employees
This year's inflation is particularly interesting for retail employees. In autumn 2024, the social partners in Vienna agreed on a two-year deal, according to which the collective agreement for 2026 will be directly based on the inflation rate in 2025.
Since the start of the inflation wave in September 2021, the prices for cheap food have increased by an average of around 53 percent. A shopping basket that cost 51 euros back then is now charged at almost 78 euros, according to the Chamber of Labour on Tuesday. Of the 40 cheapest food and cleaning products tested, only liquid detergent and cucumbers became cheaper.
Luxury Drink Orange Juice
For example, flour and coffee have become 88 percent more expensive since mid-2021, and penne pasta even by 97 percent. However, orange juice took the top spot, increasing by 162 percent. The increase for tea butter was 85 percent. Pureed tomatoes increased by 87 percent, whole milk by 23 percent, and eggs by 38 percent.
Inflation in the entire euro area rose to 2.4 percent in December. This was the third increase in a row. The slight increase in energy prices compared to the previous year is responsible for the rise in the inflation rate. In the previous month, they had fallen noticeably. In addition, prices in the service sector rose more than in the previous month.
(APA/Red)
This article has been automatically translated, read the original article here.