VIENNA: Austria's year-on-year inflation rate climbed to 5% in January, the highest level since December 1984, according to the government office Statistics Austria. Inflation was 0.7 percentage points higher in January 2022 than in December 2021.

According to reports, Tobias Thomas, Director General of Statistics Austria, said in a statement on Wednesday that rising gasoline prices and domestic energy prices were the main causes of inflation.

Fuel prices surged by 29.6% year over year in January, while home energy expenses increased by 16.4%. High transportation prices (11.3 percent vs. 12 percent in December 2021), primarily fuels (29.6 percent vs. 32.9 percent), pushed up prices for housing and utilities (5.8% vs. 5.4 percent), restaurants and hotels (6.3 percent vs. 4.3 percent), and food and non-alcoholic beverages (6.3 percent vs. 4.3 percent) (4.9 percent vs 1.7 percent). Consumer prices fell 0.1 percent on a monthly basis in January, following a 0.6 percent increase the previous month and falling short of expectations that prices would remain steady.

According to the Austrian news agency APA, members of Austria's National Council and trade organisations have asked the federal government to take quick action to combat rising inflation.

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