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Financial News: Austria Inflation Accelerates Less Than Estimated

Austria Inflation Accelerates Less Than Estimated

06/17/2022 - 06:27:00 (RTTNews)

(RTTNews) - Austria's consumer price inflation accelerated less than initially estimated in May, latest figures from Statistics Austria showed on Friday.

Consumer prices climbed 7.7 percent year-over-year in May, faster than the 7.2 percent rise in April. Moreover, the recent inflation was the strongest since April 1976.

The rise in inflation was driven largely by higher energy, fuel and food prices.

"First estimates of the May value had expected an increase in consumer prices of 8.0 percent, which has now turned out to be lower due to the reduction of energy levies on electricity and gas", Tobias Thomas, director general at Statistics Austria, said.

Transport costs were 19.1 percent higher in May compared to last year and utility costs surged 9.4 percent. Prices of food and non-alcoholic beverages registered a sharp increase of 9.0 percent.

On a monthly basis, consumer prices increased 0.8 percent in May, which was revised down from 1.1 percent.

The EU measure of harmonized index of consumer prices, or HICP, rose 7.7 percent annually in May, following a 7.1 percent gain in the preceding month. According to the flash report, the increase was 8.1 percent.

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