Financial News: Austria Inflation Eases More Than Estimated

Austria Inflation Eases More Than Estimated

09/18/2024 - 04:28:00 (RTTNews)

(RTTNews) - Austria's consumer price inflation eased slightly more than initially estimated in August to the lowest level in more than three years, the latest data from Statistics Austria showed on Wednesday.

The consumer price index climbed 2.3 percent year-over-year in August, slower than the 2.9 percent increase in July. In the flash report, the inflation rate was 2.4 percent.

The latest inflation was the weakest since April 2021, when prices had risen 1.9 percent.

Moreover, the inflation has now moved closer to the ECB's target of 2.0 percent.

The decline in inflation was largely due to fuel and heating oil; they became cheaper again in August compared to the previous year for the first time in six months, Tobias Thomas, Director General Statistics of Statistics Austria, said.

"The rise in food prices was once again significantly lower than general inflation, while prices in restaurants were still more than twice as high as the consumer prices overall."

Prices for food and non-alcoholic beverages showed an annual increase of 1.4 percent, and utilities were 1.8 percent more expensive. Charges at restaurants and hotels grew the most by 6.0 percent from last year.

On a monthly basis, consumer prices dropped 0.2 percent in August, as estimated.

The EU measure of the harmonized index of consumer prices, or HICP, also rose at a slower rate of 2.4 percent versus a 2.9 percent increase in July. In the initial report, the rate was 2.5 percent.

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