The Inflation rate in Austria is in August sea Quick estimate Statistics Austria on 2.4 percent down. She was thus on the lowest level since April 2021In July, inflation was still 2.9 percent year-on-year.
Prices in August are expected to have fallen by 0.2 percent compared to the previous month. Fuels and Heating oil became cheaper and thus had a year-on-year effect price-dampening.
According to the preliminary estimate, the consumer price index (HICP) harmonized for EU comparisons was 2.5 percent in August; compared to the previous month of July, the price level according to the HICP fell by 0.1 percent. In July, the HICP was also still at 2.9 percent.
“Austria’s inflation is now only 0.4 percentage points away from the ECB target. According to an initial estimate, inflation fell to 2.4% in August 2024 – the lowest level since April 2021. In contrast to previous months, fuels in particular, but also heating oil, no longer have a price-driving effect, but rather a noticeable price-dampening effect year-on-year,” said Statistics Austria Director General Tobias Thomas according to a press release.
For Finance Minister Magnus Brunner (ÖVP), the decline in inflation in August confirms the previous trend, and he sees it as a “big step towards normalizing inflation,” according to the press release.
Minister of Economic Affairs Martin Kocher (ÖVP) praised in a press release “the lasting effect of the inflation-reducing measures” that the federal government had implemented.