Financial News: Austria Inflation Rises More Than Estimated

Austria Inflation Rises More Than Estimated

02/23/2023 - 04:37:00 (RTTNews)

(RTTNews) - Austria's consumer price inflation rose slightly more than estimated in January, final data from Statistics Austria showed on Thursday.

Consumer prices advanced 11.2 percent year-on-year in January, faster than the 10.2 percent rise in December. The rate was revised up from 11.1 percent.

Likewise, EU harmonized inflation advanced to 11.5 percent from 10.5 percent a month ago. But the HICP rate was confirmed.

The annual increase was mainly driven by household energy prices, which increased significantly.

Costs for housing, water and energy surged 19.3 percent and food and non-alcoholic beverages prices climbed 17.0 percent. The third strongest price driver was restaurants and hotels, up 12.3 percent.

"Without the electricity price brake, the increase in inflation would have been even stronger," Statistics Austria Director General Tobias Thomas said.

On a monthly basis, the consumer price index moved up 0.9 percent, revised up from 0.8 percent. At the same time, the monthly increase in the HICP was confirmed at 0.8 percent.

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