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Financial News: Austria Inflation Remains Above 4%

Austria Inflation Remains Above 4%

04/03/2024 - 06:38:00 (RTTNews)

(RTTNews) - Austria's consumer price inflation eased slightly in March, but the figure remained above 4 percent which is nearly double the 2 percent target of the European Central Bank.

The consumer price index rose 4.2 percent year-on-year following a 4.3 percent increase in February, preliminary estimates from Statistics Austria showed Wednesday. February's rate was the lowest since December 2021.

Inflation, based on the harmonized index of consumer prices or HICP, was steady at 4.2 percent.

"In restaurants, but also in some other areas, inflation was slightly lower than recently," Statistics Austria Director General Tobias Thomas said.

"However, electricity and fuel prices are no longer having a dampening effect on prices year-on-year as in previous months, but show a slight price-increasing effect."

Consumer prices rose 0.5 percent month-on-month as measured by the CPI, after a 0.7 percent increase in February.

The HICP climbed 0.7 percent from the previous month, when it rose at the same pace.

Statistics Austria is set to release the detail data on April 17.

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