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Financial News: Austria Inflation Unrevised At 26-Month Low

Austria Inflation Unrevised At 26-Month Low

03/18/2024 - 04:33:00 (RTTNews)

(RTTNews) - Austria's consumer price inflation eased to the lowest level in more than two years, as initially estimated in February, the latest data from Statistics Austria showed on Monday.

The consumer price index climbed 4.3 percent year-over-year in February, slower than the revised 4.6 percent increase in January. That was in line with the flash data published on March 1.

Further, this was the lowest level of inflation since December 2021, but still twice as high as the European Central Bank's stability target of 2.0 percent.

The slowdown in inflation was mainly due to the fact that the pressure on food prices eased significantly, and prices in restaurants no longer rose quite as sharply as recently, Tobias Thomas, director general at Statistics Austria, said.

Costs for food and non-alcoholic beverages grew at a slower rate of 3.7 percent annually in February versus a 5.4 percent rise a month ago. Expenses for restaurants and hotels were 8.3 percent more expensive, compared to 9.1 percent in January.

On a monthly basis, consumer prices climbed 0.7 percent in February, as estimated.

EU harmonised inflation also moderated slightly to 4.2 percent from 4.3 percent a month ago, confirming the flash data.

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