Trend broken – fuel causes inflation to fall slightly

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Trend broken – fuel causes inflation to fall slightly

Inflation eased in August for the first time in more than a year. After 9.3 percent in July, prices in August are likely to have increased by an average of 9.1 percent compared to the same month last year, according to a quick estimate by Statistics Austria on Wednesday. The decisive factor is therefore fuel prices, which are still fueling inflation, but have fallen significantly compared to July.

“We see further price increases for household energy, food and gastronomy,” Statistics boss Tobias Thomas said, according to the broadcast.

The price level is expected to fall by 0.2 percent compared to July.

The Harmonized Index of Consumer Prices (HICP), which makes inflation rates comparable across the EU, stood at +9.2 percent in August compared to the same month last year.

Source: Krone

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