Financial News: Austrian Inflation Revised Lower To 4.1%

Austrian Inflation Revised Lower To 4.1%

04/17/2024 - 03:51:00 (RTTNews)

(RTTNews) - Austria's consumer price inflation held steady in March, the latest data from Statistics Austria showed on Wednesday.

The consumer price index climbed 4.1 percent year-over-year in March, the same pace as in February, revised from a 4.3 percent rise. The figure for March was also corrected from a 4.2 percent increase estimated initially on April 3.

Further, this was the lowest level of inflation since October 2021, but still twice as high as the European Central Bank's stability target of 2.0 percent.

"We are currently seeing lower price increases for food and restaurants than in previous months," Tobias Thomas, director general of Statistics Austria, said.

"However, electricity prices are no longer having a dampening effect on prices year-on-year, but rather a moderate upward effect."

Prices for food and non-alcoholic beverages grew at a slower rate of 3.4 percent annually in March, while those of utilities increased at a stable rate of 4.2 percent.

On a monthly basis, consumer prices climbed 0.5 percent in March, as estimated.

EU-harmonised inflation rose somewhat to 4.1 percent from a revised 4.0 percent a month ago. In the flash report, the rate of increase was 4.2 percent.

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