Wholesale prices in Austria in March exceeded 2021 level by historic 25%

Wholesale prices for goods in Austria in March were 25.6% higher than a year ago, according to the Statistical Office of Austria, Report informs citing RIA Novosti.

This is the highest value since 1973, when these data began to be recorded. The previous monthly record dates back to 1974 and stands at 17.2%. Compared to February 2022, the wholesale price index increased by 9.7%.

Compared to March 2021, inflation accelerated, especially for petroleum products (growth by 117.3%), solid fuels (growth by 87.2%), fertilizers and agrochemicals (growth by 80.2%), iron and steel (growth by 72.3%). There was also a sharp increase in prices for motor fuels, including diesel fuel (up 67.4%), grain, seeds and animal feed (up 61.9%), and non-ferrous metals (up 50.2%).

Wholesale prices are seen as a leading indicator of future inflation as retailers pass on some of their increased purchasing costs to consumers.