Petrol prices keep up inflation

Soaring mineral oil prices have led to a two per cent year on year inflation rise, it has been reported.State agency Statistik Austria said today (Tues) that the October inflation rate would have reached just 1.4 per cent had mineral oil products like car fuel not become 15 per cent more expensive compared to the same month of 2009.Month on month inflation in Austria rose by just 0.2 per cent, while the average inflation rate in the European Union’s (EU) 16 Eurozone countries reached 1.9 per cent last month, up by 0.4 per cent compared to September 2010.Prices in the EU’s 27 members rose by 2.3 per cent year on year and by 0.3 per cent from September of this year to the following month.Austrian researchers registered a 22 per cent year on year increase of heating oil prices last month, while energy was just one per cent more expensive. The price of gas edged down by one per cent at the same time. These developments meant household energy became 3.8 per cent more costly.Maintenance and repair costs for cars declined by four per cent year on year, while the average price for new cars dropped by two per cent. Around 4.4 million cars were registered in Austria last year, up by around two per cent compared to 2008 figures.Flight tickets cost nine per cent less last month than in October 2009. This may change next year when a tax on tickets for all flights departing from Austria comes into effect. The Austrian government coalition of Social Democrats (SPÖ) and People’s Party (ÖVP) said recently tickets will be charged with eight to 35 Euros from April, depending on the destination. Airline bosses warned they planned to pass on any extra costs to customers.The October inflation figures also show that jewellery and watches cost 17 per cent more year on year just as Austrians start doing their Christmas shopping. Research among residents of Austrian capital Vienna has shown that people planned to spend an average 360 Euros on gifts, around 10 Euros more than ahead of last Christmas.Foodstuff was 1.8 per cent more expensive last month than in October 2009. Especially the prices for vegetables (nine per cent) and fruit (eight per cent) soared.