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Financial News: Austrian Inflation Eases Less Than Estimated To 3.4%

Austrian Inflation Eases Less Than Estimated To 3.4%

06/18/2024 - 03:44:00 (RTTNews)

(RTTNews) - Austria's consumer price inflation eased less than estimated to the lowest level in thirty-two months in May, the latest data from Statistics Austria showed on Tuesday.

The consumer price index climbed 3.4 percent year-over-year in May, slightly slower than the 3.5 percent increase in April. In the flash report, the inflation rate was 3.3 percent.

Nonetheless, the latest inflation was the weakest since September 2021, when prices had risen 3.3 percent.

The annual price growth in utility costs eased to 2.6 percent from 3.3 percent in April, mainly due to a slower rise in housing costs. Similarly, prices of food and drinks grew at a weaker pace of 2.8 percent versus 3.2 percent a month ago.

The overall inflation in May was largely driven by a 7.5 percent surge in charges paid at restaurants and hotels, which was twice as high as general inflation.

On a monthly basis, consumer prices edged up 0.1 percent in May, revised from a flat change estimated earlier.

The EU measure of the harmonized index of consumer prices, or HICP, also rose at a slightly slower rate of 3.3 percent versus a 3.4 percent increase in April, as estimated. Monthly, the HICP edged up 0.1 percent.

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