Austria Inflation Confirmed At 13-month High

(RTTNews) - Austria's consumer price inflation increased as estimated in June to the highest level in just over a year, the latest data from Statistics Austria showed on Thursday.

The consumer price index climbed 3.3 percent year-over-year in June, faster than the 2.9 percent increase in May. A similar rate of increase was last seen in May 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 5.2 percent rise in energy costs, as fuel prices had a much less dampening effect than recently. Food prices alone grew 3.8 percent annually in June, and costs for recreation and culture were 4.2 percent higher.

On a monthly basis, consumer prices moved up 0.5 percent, as estimated.

The EU measure of the harmonized index of consumer prices, or HICP, also rose at a faster rate of 3.2 percent versus a 3.0 percent increase in May, confirming the flash data published on July 1.