Austria’s Finance Minister Hints at Food Price Controls Amid Soaring Inflation
VIENNA — Austria’s Finance Minister Markus Marterbauer has opened the door to possible government intervention in food prices, as part of broader efforts to tame persistent inflation and rising unemployment.
Speaking to Salzburger Nachrichten, Marterbauer stressed the urgency of further action to ease the burden on low- and middle-income households. While Austria’s inflation rate remains 1.5 percentage points above the Eurozone average, grocery prices have continued to climb, deepening the cost-of-living crisis.
“The countries that have best managed the inflation crisis — like Spain — did so by intervening in prices,” Marterbauer said, suggesting Austria may need to consider a similar path. “We have major problems, particularly in hospitality and tourism — sectors heavily subsidized during COVID. Energy prices are also weighing heavily on households.”
The finance minister emphasized that although he doesn’t yet have a concrete model in mind for regulating food costs, the conversation can no longer be avoided. “We’ll have to talk about it,” he stated.
Relief Measures in Motion
Marterbauer also highlighted steps already taken by the coalition government, including a rent price cap agreed upon with the ÖVP and NEOS parties. The policy is expected to benefit around two million renters, with further reforms slated for autumn. These include changes to how rental contracts are structured and how rent increases are calculated — even for units typically priced freely by landlords.
As for energy prices, the government is weighing additional measures, while a social electricity tariff remains in place for low-income households.
The broader concern, Marterbauer noted, is that lower-income groups now spend nearly half of their income on rent, energy, and food. “These essential costs cannot keep rising unchecked,” he said, “or we must seriously consider how to step in.”
