VIENNA: Due to the ongoing energy crisis, the Austrian Institute of Economic Research (WIFO) has boosted the country's inflation prediction for this year from 5.8% to 6.5 percent.

According to news report, WIFO head Gabriel Felbermayr told local television ORF on Sunday that Austria's home economy "is not geared for such high inflation rates." According to figures released earlier this month by Statistics Austria, the country's year-on-year inflation rate hit 7.2 percent in April, the highest level since October 1981.

Inflation was primarily driven by growing fuel and energy product prices, as well as rising food prices.
To deal with growing inflation, Felbermayr advised raising social benefits such as minimum income and family allowance, according to Austrian Institute of Economic Research.

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