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Austria Posts 4.1 Percent Surge in August Inflation Rate
(MENAFN) Austria’s inflation rate surged to 4.1 percent year-on-year in August, according to a flash estimate released Tuesday, marking the highest level since March 2024.
"This is the highest level since March 2024. Almost all expenditure groups in the basket of goods contributed to this increase," said Manuela Lenk, director general of statistics at Statistics Austria. This comes after July’s inflation rate of 3.6 percent.
Service prices rose by 4.7 percent, remaining the largest driver of inflation, while costs for food, tobacco, and alcohol climbed 5 percent, Lenk added.
Core inflation, which tracks combined industrial goods and services, increased to 3.8 percent in August from 3.4 percent in July.
Austria’s inflation rate notably outpaced the eurozone average, which Eurostat’s flash estimate reported at 2.1 percent for August.
"This is the highest level since March 2024. Almost all expenditure groups in the basket of goods contributed to this increase," said Manuela Lenk, director general of statistics at Statistics Austria. This comes after July’s inflation rate of 3.6 percent.
Service prices rose by 4.7 percent, remaining the largest driver of inflation, while costs for food, tobacco, and alcohol climbed 5 percent, Lenk added.
Core inflation, which tracks combined industrial goods and services, increased to 3.8 percent in August from 3.4 percent in July.
Austria’s inflation rate notably outpaced the eurozone average, which Eurostat’s flash estimate reported at 2.1 percent for August.
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