Food and fuel prices are currently driving inflation less than before, according to Statistics Austria Director General Tobias Thomas. Despite this, price increases in the catering industry have still been higher than average in recent months. Expert Josef Baumgartner from the Wifo economic research institute explains that wages are rising the most in labor-intensive sectors like catering and hotels due to their high costs.
Baumgartner predicts continued real wage increases in the coming years as inflation falls, but Austria still has higher wage costs compared to other eurozone countries. This could impact competitiveness and make it difficult for small and medium-sized businesses to stay afloat due to high energy prices.
Economics Minister Martin Kocher and Finance Minister Magnus Brunner are pleased with the decline in inflation in Austria, noting that measures taken to curb inflation are having a lasting effect. However, other countries with strong direct price interventions are experiencing consistently higher inflation rates.
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