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Soaring fuel prices avoid more drastic inflation decrease
Inflation in Austria dropped slightly last month, federal statistics agency Statistik Austria said today (Tues).
The body announced that inflation reached 0.9 per cent in February after 1.2 per cent in the previous month and 1.0 per cent in December 2009.
Shrinking foodstuff and clothes prices caused the decline, Statistik Austria said, adding that soaring fuel prices barred inflation from reaching just 0.6 per cent.
Inflation in February of last year reached 1.2 per cent.
Prices of dairy products and eggs dropped by three per cent year on year last month, while fruit prices declined by a whopping nine per cent.
Fuel prices soared by ten per cent year on year last month, while flat rent rates jumped by an average 4.8 per cent.
The government is currently negotiating how to reduce the budget deficit, and ministers do not rule out increasing mineral oil taxes – a move which would certainly be met with anger by drivers and motoring associations.
Social Democratic (SPÖ) Traffic Minister Doris Bures however warned such a decision could have the opposite effect since it might reduce "fuel tourism".
This term describes people from neighbouring states crossing the border to fuel their vehicles in Austria since fuel prices here are – despite the recent developments – still considerably lower than in most neighbouring countries.
The abolition of the so-called study fees at universities and colleges caused a 16 per cent year on year plunge in the education sector.
Eurostat, the European Commission’s (EC) statistics agency, meanwhile announced inflation in the Eurozone reached 0.9 per cent last month, down from 1.0 per cent in the previous month. The term Eurozone describes the 16 European Union (EU) member states which have the Euro as their currency.
Overall inflation in the 27 EU member states reached 1.4 per cent last month, Eurostat said, with Latvia reporting the strongest deflation rate (4.3 per cent) and Hungary the highest inflation (5.6 per cent).
Austrian Times
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Tom Gielink wrote on 17. 03. 2010 from Kärnten about "Soaring fuel prices avoid..."
This price hike is just to prepare the poor motorist for the Tax increase that is about to be imposed on fuel. Could a politician ever come up with an idea to save costs rather than add tax to balance the books. The bad idea of trying to use the Capitalist System to fund a scavanging Socialist System will destroy Euope again.
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