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Financial News: Austrian Inflation Confirmed At 31-Month Low

Austrian Inflation Confirmed At 31-Month Low

05/17/2024 - 04:48:00 (RTTNews)

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

The consumer price index climbed 3.5 percent year-over-year in April, slower than the revised 4.1 percent increase in March. That was in line with the flash data published on April 30.

Further, this was the lowest level of inflation since September 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 a significant drop in gas prices along with lower costs for package holidays.

The annual price growth in food and non-alcoholic beverages eased somewhat to 3.2 percent from 3.4 percent. Similarly, costs for utilities grew at a slower pace of 3.2 percent versus 4.2 percent in March.

"However, the price increases in restaurants are still above average, and the price increase at petrol stations has even accelerated," Tobias Thomas, director general of Statistics Austria, said.

On a monthly basis, consumer prices edged up 0.1 percent in April, as estimated.

EU-harmonised inflation also moderated to 3.4 percent from 4.1 percent a month ago, confirming the flash data.

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