Austria Inflation Climbs To 13-month High

(RTTNews) - Austria's consumer price inflation increased in June to the highest level in just over a year, a flash estimate from Statistics Austria showed on Tuesday.

The consumer price index climbed 3.3 percent year-over-year in June, faster than the 3.0 percent increase in May. This was the highest inflation rate since 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 3.5 percent rise in energy costs, as fuel prices had a much less dampening effect than recently. Prices for food, tobacco, and alcohol grew 4.4 percent annually in June, and costs for services were 4.3 percent higher.

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

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. Monthly, the HICP increased 0.3 percent.