British News Agency

According to CCTV, contrary to the general trend in Europe, Austria is preparing to intervene in oil prices to prevent a new cost-of-living crisis.

According to official data, the increase in oil prices is expected to raise the local inflation rate from 2.2 percent to 2.9 percent. The price reaching 2 euros per liter (approximately 2.3 dollars) at gas stations in Vienna is causing economic concern among consumers.

Economists warn that unless oil prices are addressed quickly, prices of industrial goods, basic food items and rents will also rise.

The Austrian Institute of Economic Research predicts that the impact of government interventions may remain limited.