Austria’s Inflation Rate Spikes to 40-Year High πŸ“ˆ 🎈 πŸ‡¦πŸ‡Ή

Consumer inflation in Austria soared 6.8% in March, marking the highest annual jump in 40 years, according to official data released on Thursday.

This is the largest annual increase in consumer inflation since the 7% spike recorded in November 1981.

β€œThe main price driver in March was a jump in the price of fuel, which had already been a strong price driver in the past,” said Statistics Austria head Tobias Thomas.

β€œPrices for household energy also continued to rise, especially heating oil prices, which at +118.5% are more than doubled compared to the same month of the previous year,” he added.

Transport expenditures rose 15.9% last month compared to March 2021.

Russia’s ongoing military operation on Ukraine is being blamed by governments around the globe for causing energy prices to rise by increasing pressure on a global economy trying to recover from the COVID-19 scare.​​​​​​​