Austria: New Relief Package to Combat High Inflation

On Wednesday, in order to aid vulnerable members of the society in managing the adverse effects of inflationary pressures, the Austrian government announced a new relief package of 500 million euros (542 million U.S. dollars).

Related:

Block Gas Alliance Blocks Private Airport in Vienna

According to the government, until the end of 2024, the aid package will particularly benefit families with children and those who are currently receiving unemployment benefits or social assistance shall be given an additional sum of 60 euros per child on a monthly basis.

According to the Austrian broadcaster ORF, an equivalent monthly remittance is extended to single parents who earn below 2,000 euros per month.

During a press conference held on Wednesday, Johannes Rauch, the Social Affairs Minister of Austria, expressed that inflation disproportionately affects families with children, particularly single mothers.

Furthermore, on Wednesday, Statistics Austria reported a rise in inflation from 9.2 percent in March to 9.7 percent in April. This increase was attributed to the persistent surge in prices of indispensable goods such as food, rents, and household energy.

Despite the recent drop in energy prices, inflation in the central European country has persisted at elevated levels.

The statistical office of the European Union (EU), known as Eurostat, has reported that Austria experienced an annual inflation rate of 9.6 percent in the month of April. This figure exceeds the EU's average inflation rate of 7 percent (1 euro= 1.08 U.S. dollar).