Inflation in Austria eases as gas prices fall, services costs surge
Date
5/19/2024 9:01:51 AM
(MENAFN) The Austrian Statistics Authority has confirmed its preliminary estimates indicating a decline in the inflation rate, which dropped to 3.5 percent in April, down from 4.1 percent the previous month. This decrease is primarily attributed to a significant reduction in gas prices, which has had a notable impact on the overall inflation figures.
Despite the overall decline in inflation, the final official figures revealed that the rise in prices within certain service sectors continues to exert upward pressure on the inflation rate. Leading this trend is the hotels and restaurants sector, where service prices increased by an average of 7.6 percent. This was followed by a 5.2 percent rise in fuel prices, and a 3.2 percent increase in housing, household energy, and water prices. Food prices also saw a similar 3.2 percent increase.
The latest economic study conducted by Austria Bank underscores the ongoing recovery of the tourism sector. In 2023, the tourism industry set a new record for the number of tourist nights, surpassing the pre-pandemic levels recorded in 2019. The sector generated €30.8 billion in revenue from both domestic and international tourism, marking a €3.5 billion or 12.5 percent increase compared to 2019. This robust performance highlights the resilience and growth of Austria's tourism sector in the post-pandemic era, contributing significantly to the country's economic landscape.
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