Financial News: Austria Inflation Confirmed At 1.9%

Austria Inflation Confirmed At 1.9%

12/18/2024 - 04:00:00 (RTTNews)

(RTTNews) - Austria's consumer price inflation remained below the ECB's target range for the third straight month, as initially estimated in November, the latest data from Statistics Austria showed on Wednesday.

The consumer price index climbed 1.9 percent year-over-year in November, slightly faster than the 1.8 percent rise in October.

That was in line with the flash data published earlier. Moreover, inflation stayed below the ECB's stability target of 2.0 percent for the third month in a row.

The annual fall in household energy prices had the strongest dampening effect on inflation, followed by cheaper fuel costs.

"In restaurants, price increases were once again significantly higher than general inflation, while the rise in food prices was lower than general inflation," Statistics Austria Director General Tobias Thomas said.

Expenses for restaurants and hotels grew 6.0 percent from last year versus a 5.8 percent growth in October. Meanwhile, transport charges fell at a slower pace of 0.6 percent, and the price growth in food and non-alcoholic beverages eased to 2.1 percent from 2.7 percent.

On a monthly basis, consumer prices moved up 0.3 percent, as estimated.

The EU measure of the harmonized index of consumer prices, or HICP, also rose 1.9 percent annually, revised down from 2.0 percent, after rising 1.8 percent in October.

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