Financial News: Austria Inflation Revised Down To 3.2%

Austria Inflation Revised Down To 3.2%

(RTTNews) - Austria's consumer price inflation held steady in February, revised from a slight increase estimated initially, the latest data from Statistics Austria showed on Wednesday.

The consumer price index climbed 3.2 percent year-over-year in February, the same as in the previous month. In the flash estimate, the rate of inflation was 3.3 percent.

Moreover, the inflation rate is well above the European Central Bank's stability target of 2.0 percent.

"Electricity in particular rose sharply year-on-year, especially as the electricity price break and electricity and grid cost subsidies for certain households expired at the start of the year and grid fees were increased," Tobias Thomas, Director General of Statistics Austria, said.

Housing and utility costs alone grew 5.2 percent in February compared to last year, and charges at restaurants and hotels were 6.0 percent more expensive.

Costs for food and non-alcoholic beverages rose 2.6 percent versus 2.1 percent in January, while inflation based on transportation eased to 0.8 percent from 2.4 percent.

On a monthly basis, consumer prices moved up 0.6 percent, as estimated.

The EU measure of the harmonized index of consumer prices, or HICP, also remained stable at 3.4 percent, revised down from 3.5 percent. Monthly, the HICP rose 0.5 percent.

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