Austria August Inflation Rises to 3.2 Percent

Consumer price inflation in Austria accelerated to 3.2 percent year-over-year in August, an increase from the 2.8 percent recorded in July. Data released by Statistics Austria indicates that the rise was primarily driven by a 10.0 percent surge in energy prices, specifically affecting fuels and heating oil.

Other sectors showed more stability or slight declines. Food prices rose by only 0.2 percent, a result of a reduction in value-added tax on basic foodstuffs, while services inflation eased slightly to 4.3 percent. On a monthly basis, consumer prices increased by 0.6 percent.

The harmonized index of consumer prices, which serves as the European Union's standard measure of inflation, rose 2.9 percent annually and 0.5 percent monthly during the same period.