Austria's inflation forecast raised to 6.5%

ANKARA

Austria's inflation forecast for 2022 was raised to 6.5%, from 5.8%, according to the Austrian Institute of Economic Research (WIFO) on Monday.

Meanwhile, the country’s annual inflation climbed to 7.2% in April, according to Statistics Austria, marking the highest level since October 1981.

Industrial producer price index reached 117.2 points in April 2022, a gain of 21.5% compared to April 2021.

The record high inflation is mainly driven by surging energy and food prices.

On Sunday, WIFO Director Gabriel Felbermayr told the country's national public service broadcaster ORF that Austria’s domestic economy "is not prepared for such high inflation rates."