Prices in the inn rose faster than inflation

Electricity became cheaper

Transport prices rose by 10 percent, mainly due to fuel prices being 34.8 percent more expensive than last year. Prices for household energy rose by 4.4 percent, with heating oil becoming massively more expensive (plus 63.1 percent). Gas also became more expensive than in August (plus 11.8 percent), as did district heating (plus 5.1 percent). Electricity, on the other hand, became cheaper (minus 9.1 percent), with the reductions in parts of the network fees that took effect from January in particular having a price-dampening effect, writes Statistics Austria. The introduction of the social tariff for households exempt from the ORF fee and the introduction of the summer network tariff also had a price dampening effect.

Without fuel and heating oil, inflation would only be 2.4 percent. With a share of more than two percentage points, services represent the base burden of inflation. Energy prices are the surcharge, says IHS economist Sebastian Koch. Across Europe, the average inflation value is 3.8 percent, even higher than in Austria. In August the inflation rate was 3.2 percent and in July it was 2.9 percent. Inflation is thus rising more and more rapidly above the medium-term target of two percent set by the European Central Bank (ECB). The central bank recently raised key interest rates to 2.50 percent in September due to increased inflation.