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According to Statistics Austria Director General Tobias Thomas, food and fuel prices are currently driving inflation less than before. Price increases in the catering industry have also been lower in recent months, although still above average. Expert Josef Baumgartner from the Wifo economic research institute explains that prices for services, especially in labor-intensive sectors like catering and hotels, are rising the most due to wage increases.
Baumgartner predicts continued real wage increases in the coming years as inflation falls. However, Austria still has higher wage costs compared to other eurozone countries, which may impact competitiveness. Additionally, energy prices remain high, placing a strain on small and medium-sized businesses.
Economics Minister Martin Kocher and Finance Minister Magnus Brunner are pleased with the decline in inflation in Austria, noting that measures to curb inflation are having a lasting effect. Meanwhile, other countries with strong direct price interventions are experiencing consistently higher inflation rates.
