The bank said it now expects Austria’s annual inflation rate to stand at 8.5 per cent in 2022, up from its projection of 7.6 per cent in July, reports Xinhua news agency.

Meanwhile, it has projected 6.4 per cent inflation in 2023, and 3.7 per cent in 2024, saying that anti-inflation measures may fail to have a significant impact.

Soaring energy prices have continued to drive up inflation in the country, which stood at 9.3 per cent in August, according to Statistics Austria.

The Austrian government has introduced several anti-inflation packages to support households and companies, including direct payments to families.

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