Financial News: Austria Inflation Rises To 7.4%, Less Than Estimated

Austria Inflation Rises To 7.4%, Less Than Estimated

09/19/2023 - 05:27:00 (RTTNews)

(RTTNews) - Austria's consumer price inflation accelerated slightly less than estimated in August, the latest data from Statistics Austria showed on Tuesday.

The consumer price index climbed 7.4 percent year-over-year in August, following a 7.0 percent increase in June, which was the lowest rate in sixteen months.

The latest rate of increase was revised from the 7.4 percent seen in the flash report published earlier.

Household energy and restaurants also kept inflation high with double-digit inflation rates, the agency said.

Food prices were 9.8 percent higher in August compared to last year, but remained below the 10.0 percent mark for the first time in more than a year. Utility costs showed a double-digit annual growth of 10.1 percent.

Compared to the previous month, the CPI moved up 0.3 percent in August versus a 0.4 percent rise seen in the initial estimate.

The EU measure of the harmonized index of consumer prices, or HICP, rose 7.5 percent annually in August after a 7.0 percent gain in the preceding month, as estimated.

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