Austria's inflation rises to 11 pct in October amid energy crisis

People walk on the shopping street Kohlmarkt in Vienna, Austria, Tuesday, June 14, 2022. (Photo: AP)

VIENNA, Nov. 17 (Xinhua) -- High energy prices have continued to drive up Austria's inflation to 11 percent in October, Statistics Austria said on Thursday.

The October inflation rate was 0.4 percentage points higher than that registered in September, according to a statement by the institution.

Tobias Thomas, director general of Statistics Austria, said soaring household energy and fuel prices remained the strongest drivers of inflation in October, but their "upward trend has come to a temporary end."

Thomas added that inflation has spread to more areas, with the prices of clothing and furniture, among other commodities, rising sharply in October.

The Austrian Institute of Economic Research (WIFO) recently projected that the lingering energy crisis would weigh on Austria's economy for years. The institute predicted stagnation in the country in 2023, with a Gross Domestic Product (GDP) growth of 0.2 percent vis-a-vis an inflation rate of 6.5 percent.