Financial News: Austrian Inflation Confirmed At 3-Year Low

Austrian Inflation Confirmed At 3-Year Low

08/20/2024 - 08:32:00 (RTTNews)

(RTTNews) - Austria's consumer price inflation eased slightly, as initially estimated in July, and came under 3.0 percent for the first time in three years, the latest data from Statistics Austria showed on Tuesday.

The consumer price index climbed 2.9 percent year-over-year in July, slower than the 3.0 percent increase in June. That was in line with the flash data published on July 31.

Further, the latest inflation was the weakest since July 2021, when prices had risen the same 2.9 percent.

Inflation for food in particular weakened significantly compared to the previous year, and the rise in housing prices in July was in line with general inflation, the agency said.

The annual price growth in food and non-alcoholic beverages eased to 1.1 percent from 1.7 percent. Inflation based on transportation softened slightly to 1.8 percent from 2.0 percent. Meanwhile, utility costs grew at an accelerated pace of 2.8 percent.

On a monthly basis, consumer prices remained flat in July, as estimated.

The EU measure of the harmonized index of consumer prices, or HICP, also rose at a slower rate of 2.9 percent versus a 3.1 percent increase in June.

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