Financial News: Austrian Inflation Slows To 1.8%, Lowest In 43

Austrian Inflation Slows To 1.8%, Lowest In 43 Months

10/01/2024 - 08:39:00 (RTTNews)

(RTTNews) - Austria's consumer price inflation eased in September to the lowest level in just over three-and-a-half years amid cheaper fuel costs, a flash estimate from Statistics Austria showed on Tuesday.

The consumer price index climbed 1.8 percent year-over-year in July, slower than the 2.3 percent increase in August.

The latest inflation was the weakest since July 2021, when prices had risen 1.2 percent. Further, inflation returned to the ECB's target range for the first time since April 2021.

The decline was mainly due to falling fuel prices, which became cheaper again in September.

"In addition, price increases for services have slowed significantly, but nonetheless they are currently the main drivers of inflation," Tobias Thomas, Director General Statistics at Statistics Austria, said.

On a monthly basis, consumer prices edged down 0.1 percent.

The EU measure of the harmonized index of consumer prices, or HICP, also rose at a slower rate of 1.8 percent versus a 2.4 percent increase in August. Monthly, the HICP rose 0.3 percent.

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