Austria’s inflation eases in July 2024
Austria’s consumer price index stood at 124.0 points in July 2024, according to latest data released by Statistics Austria on Tuesday. This means that consumer prices were 2.9 per cent above the level of July 2023 (June 2024: 3.0 per cent). Compared to the previous month of June 2024, the average price level remained unchanged.
“In July 2024, inflation fell to 2.9 per cent as expected in the flash estimate. It was therefore below 3.0 per cent for the first time since July 2021. Inflation for food in particular weakened significantly compared to the previous year and the rise in housing prices in July was in line with general inflation. Price increases in restaurants, on the other hand, more than doubled general inflation in July,” said Tobias Thomas, Director General of Statistics Austria.
The harmonised index of consumer prices (HICP) also stood at 2.9 per cent, down from 3.1 per cent in June 2024.
According to the data, the main price driver in July 2024 was the group restaurants and hotels (+6.6 per cent compared to July 2023; restaurants +6.8 per cent, hotels +5.0 per cent), followed by housing, water and energy (+2.8 per cent; rents +6.8 per cent, maintenance and repair of the dwelling +3.8 per cent, electricity, gas and other fuels −3.7 per cent, including gas −24.5 per cent, solid fuels −12.8 per cent, district heating −9.2 per cent, heating oil +7.2 per cent, electricity +9.2 per cent). For the third strongest price driver, it was the miscellaneous goods and services (+5.3 per cent; insurance +6.2 per cent, personal care +4.4 per cent), followed by health (+5.8 per cent; out-patient services +7.0 per cent, hospital services +7.2 per cent).
Attribution: Statistics Austria
Subediting: Y.Yasser
