Inflation in Austria fell to 2.4 percent in August
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Loading... - Jake Randy
- 03 Sep 2024
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Inflation in Austria dropped to 2.4% in August, marking the lowest rate since April 2021, according to a flash estimate by Statistics Austria. This decrease follows a year-on-year inflation rate of 2.9% in July, with prices in August likely falling by 0.2% compared to the previous month. The reduction was mainly driven by lower costs for fuel and heating oil.
Tobias Thomas, Director General of Statistics Austria, highlighted that the inflation rate is now only 0.4 percentage points away from the European Central Bank's (ECB) target. He noted that, unlike previous months, fuel and heating oil prices are now contributing to a decrease in overall inflation rather than pushing it higher.
In the broader eurozone, annual inflation also saw a significant drop, falling to an estimated 2.2% in August from 2.6% in July, largely due to a 3% year-on-year decline in energy prices.
However, the cost of services continued to rise, with prices increasing by 4.2% from August 2023 to August 2024, up from a 4% increase in July. Additionally, the inflation rate for the "food, alcohol, and tobacco" category slightly increased from 2.3% in July to 2.4% in August.
