Restaurants and hotels as price drivers

Im July 2024 is the Inflation as expected in the flash estimate fell to 2.9 percent This was the first time since July 2021 that it was below 3.0 percent. Compared to the previous month, June 2024, the average price level remained unchanged.

“Especially with Food has the Inflation compared to the previous year significantly weakened and the Price increase both Housing costs in July, the general inflation adjusted. The price increases in the gastronomy However, they exceeded general inflation in July by more than double,” explains Statistics Austria Director General Tobias Thomas.

Main price drivers Compared to the previous month June 2024, more expensive Flight package holidays which increased by an average of 14.6 percent. As Main prize damper Compared to the previous month, cheaper Clothing items.

Rents rose less sharply

Restaurant and hotel prices (average +6.6%) were the most significant drivers of year-on-year inflation. Inflation was slightly less pronounced than in June (+6.9%).

Inflation for housing, water and energy was on average 2.8%, which was higher than in June (+2.5%). This was mainly due to the prices for household energy, which fell noticeably less (−3.7%) than in June
(−5.3%). Electricity prices in particular, which were also dampened by the electricity price cap, the network cost subsidy for GIS-exempt households and the electricity cost supplement subsidy (for households with more than three people), showed significantly higher inflation in July (+9.2%) than in the previous month.

Rents (including new rentals) rose by 6.8%, less than in June (+7.2%). However, prices for the maintenance of apartments rose slightly (July: +3.8%).

Food price inflation slows down

Prices for food and non-alcoholic beverages were increased by an average of 1.1%, which is less than in June (+1.7%). This was mainly due to the price trend for food (July: +0.6%). The price increase was smaller for meat in particular (July: +0.3%). Bread and cereal products also showed less significant price increases (July: +1.0%).

The price increases for oils and fats remained high (July: +8.1%). Vegetables cost 1.4% more. Fruit, on the other hand, became 3.1% cheaper. Milk, cheese and eggs also cost less (−0.5%).

Non-alcoholic beverages became more expensive by 4.9%, with the increase mainly being driven by more expensive fruit and vegetable juices (+11.7%).

By Editor

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