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Austria's Inflation Hits 3.7 Percent in May
(MENAFN) Austria's inflation rate accelerated to 3.7 percent in May, up from 3.4 percent in April, Statistics Austria revealed Tuesday in a flash estimate — with the services sector emerging as the primary force driving the uptick.
Manuela Lenk, director general of statistics at Statistics Austria, pointed squarely at the services sector as the key culprit: "This increase of the inflation rate compared to April is largely attributable to rising prices for services, which remain the main driver of inflation."
Services prices jumped 4.4 percent in May, accelerating from 4.1 percent the previous month, with a sharp rise in airline ticket prices serving as a notable contributor to the climb.
Industrial goods also felt the heat, recording a marked price surge of 1.4 percent in May — nearly double April's 0.8 percent increase — signaling broadening inflationary pressure beyond the services sector.
The energy picture was more nuanced. Diesel and heating oil prices eased month-on-month, while gasoline edged modestly higher. Taken together, the three energy components exerted slightly less upward pressure on overall inflation in May than they had in April.
Manuela Lenk, director general of statistics at Statistics Austria, pointed squarely at the services sector as the key culprit: "This increase of the inflation rate compared to April is largely attributable to rising prices for services, which remain the main driver of inflation."
Services prices jumped 4.4 percent in May, accelerating from 4.1 percent the previous month, with a sharp rise in airline ticket prices serving as a notable contributor to the climb.
Industrial goods also felt the heat, recording a marked price surge of 1.4 percent in May — nearly double April's 0.8 percent increase — signaling broadening inflationary pressure beyond the services sector.
The energy picture was more nuanced. Diesel and heating oil prices eased month-on-month, while gasoline edged modestly higher. Taken together, the three energy components exerted slightly less upward pressure on overall inflation in May than they had in April.
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