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Financial News: Austria Inflation Slows In August

Austria Inflation Slows In August

08/31/2022 - 06:30:00 (RTTNews)

(RTTNews) - Austria's consumer price inflation eased for the first time in several months after a trend of steady growth that has persisted for more than a year in August, mainly due to fuel prices that fell significantly from the previous month, yet remain high.

Consumer price inflation slowed to 9.1 percent in August from 9.3 percent in July, preliminary estimates from Statistics Austria showed on Wednesday.

"This is mainly due to fuel prices, which continue to drive inflation, but have fallen significantly compared to July," Tobias Thomas, director general at Statistics Austria, said.

"Further price increases we see in household energy, food and restaurants."

The EU measure of harmonized index of consumer prices, or HICP, rose 9.2 percent annually in August, after a 9.4 percent growth in the preceding month.

On a monthly basis, consumer prices decreased 0.2 percent monthly in August, after a 0.9 percent growth in the prior month.

On month-on-month basis, the HICP dropped 0.2 percent in August.

The statistical office is set to release detailed data on September 16.

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