Energy price determining factor: inflation rose to 7.4 percent in August

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Inflation in Austria rose again to 7.4 percent in August, after falling to 7.0 percent in July. The reason for this can be found at domestic petrol pumps: fuel prices have slowed inflation considerably less than before.

Domestic energy and catering also kept inflation high, with double-digit inflation rates, said Tobias Thomas, general manager of Statistics Austria. The main drivers of inflation are housing, water and energy prices. They rose by an average of 10.1 percent. Prices in restaurants and hotels rose by 12 percent.

For food, however, price pressures eased somewhat, even though price increases are still well above headline inflation. “At 9.8%, food inflation fell below 10 percent for the first time in more than a year,” said Tobias Thomas, Managing Director of Statistics Austria.

Source: Krone

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