Austrian inflation has again been significantly higher than euro area inflation since September 2022. Both domestic and external
demand and supply shocks have contributed to this, reflecting the following circumstances: a later implementation of price-dampening
measures than in the rest of the euro area, expansive fiscal policies, the resurgence of international tourism, and a delayed
pass-through of the decline in wholesale energy prices. By contrast, wage shocks have so far not made a sustained contribution
to the inflation (gap), although wage increases have recently been high.
Forschungsbereich:Makroökonomie und öffentliche Finanzen