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Financial News: Austria Inflation Climbs To 11.1%

Austria Inflation Climbs To 11.1%

02/01/2023 - 03:22:00 (RTTNews)

(RTTNews) - Austria's consumer price inflation accelerated for the first time in four months in January, driven by strong increase in household energy prices, preliminary figures from Statistics Austria in Vienna showed Wednesday.

The consumer price index, or CPI, rose 11.1 percent year-on-year following a 10.2 percent increase in December.

The main reasons for the rise in inflation at the start of the year were the strong price increases for household energy, despite the electricity price brake, the statistical office said.

"The background is that the measures to contain network costs, which have now risen sharply, are not expected to take effect until March," Statistics Austria Director General Tobias Thomas said.

"In spite of the electricity price brake, the full value-added tax also applies."

<b>Read more</b>: <a href=https://www.rttnews.com/3340390/austria-gdp-shrinks-on-weak-household-spending.aspx target=_blank >Austria GDP Shrinks On Weak Household Spending</a> <a href=https://www.rttnews.com/3339878/austria-manufacturing-downturn-eases-in-january.aspx target=_blank >Austria Manufacturing Downturn Eases In January</a>

Fuel prices rose comparatively slightly in January.

Compared to the previous month, the CPI rose 0.8 percent in January following a 0.2 percent increase in December.

The harmonized index of consumer prices, or HICP, climbed 11.5 percent annually after a 10.5 percent rise in December. On a month-on-month basis, the EU measure of inflation increased 0.8 percent following a 0.3 percent fall in the previous month.

Statistics Austria is set to release detail data for January CPI inflation on February 23.

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