Austrian media reported on Wednesday that inflation had reached its highest level in over 40 years, citing figures from the country’s government statistics office Statistics Austria.

“In April 2022, consumer prices again increased significantly compared to last year – by 7.2%. We saw such a high rate of price growth in Austria for the last time in October 1981. Then the price of oil jumped sharply due to the Iran-Iraq war.

Now, along with fuel and energy prices, food prices are the decisive factor,” the agency’s CEO Tobias Thomas said.

Transportation expenses grew by an average of 17.7%, according to the agency’s estimations, after increasing by 15.9% in March. Higher fuel costs, which rose 49.1% in April, are to blame for the increase.

Airfares increased by 45 percent last month as a result of this. Household energy expenditures have also increased by over 29%, while food prices have increased by 8.4%.

According to figures released this week, the cost of an average weekly shopping basket increased by 14% in April compared to the same month last year.
Austria is one of an increasing number of Western countries experiencing rising consumer costs.

Last month, inflation in the United Kingdom reached a 40-year high of 9%, while prices in the United States, Germany, and other countries have been rising at historic rates.

Prices have risen as a result of economic sanctions imposed on Russia in response to its military action in Ukraine. The sanctions were intended to undermine Russia’s economy, but they appear to have backfired on the countries who imposed them.