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Austria’s consumer price inflation increased in August to the highest level in nearly one-and-a-half years, a flash estimate from Statistics Austria showed on Tuesday.
The consumer price index climbed 4.1 percent year-over-year in August, faster than the 3.6 percent increase in July. This was the highest inflation rate since March 2024.
Moreover, the inflation rate is well above the European Central Bank’s stability target of 2.0 percent.
The rise in inflation was mainly driven by a 5.9 percent rise in energy costs, as fuels had a less dampening effect on prices than recently, and also electricity prices continued to rise.
Prices for food, tobacco, and alcohol grew 5.0 percent annually in August, and costs for services were 4.7 percent higher.
On a monthly basis, consumer prices moved up 0.2 percent.
The EU measure of the harmonized index of consumer prices, or HICP, also rose at a faster rate of 4.1 percent versus a 3.7 percent increase in July. Monthly, the HICP increased 0.3 percent.
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