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Financial News: Austria Inflation Rises As Estimated

Austria Inflation Rises As Estimated

04/21/2022 - 07:50:00 (RTTNews)

(RTTNews) - Austria's consumer price inflation increased, as initially estimated, in March, to the highest level since November 1981, final data from Statistics Austria showed on Thursday.

Consumer prices rose 6.8 percent yearly in March, following a revised 5.8 percent increase in February, as initially estimated.

The latest inflation was the highest since November 1981, when it was 7.0 percent.

"After the outbreak of war in Ukraine, life in Austria became more expensive than it had been in over 40 years: the inflation rate was 6.8 percent in March 2022," Tobias Thomas, director general at Statistics Austria, said.

The major factor behind the latest inflation was rise in prices of fuel, Thomas added.

Transport cost grew 15.9 percent annually in March and those of housing, water and energy increased 9.7 percent, mainly led by massive rise in heating oil prices.

Prices for restaurants and hotels, and food and non-alcoholic beverages gained 6.6 percent and 5.8 percent, respectively.

Prices for leisure and culture rose 5.3 percent and for clothing and shoes increased 0.1 percent.

The EU measure of harmonized index of consumer prices, or HICP, rose 6.7 percent annually in March, following a 5.5 percent increase in the preceding month, as estimated.

On a monthly basis, consumer prices increased 2.1 percent monthly in March, In the initial estimate, prices rose 2.0 percent.

On month-on-month basis, the HICP rose 2.3 percent in March, as initially estimated.

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