Inflation falls to 8 percent, but inflation in Austria remains high

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Although the inflation rate in Austria flattened out further in June, at 8.0 percent, it reached its lowest level since May 2022, after 8.9 percent in May, according to Statistics Austria – but the level of inflation thus remains very high. “This is mainly due to the fact that fuels became even more significantly cheaper than last year. In addition, the price increases in catering, household energy and food have weakened,” said Statistics Austria Director General Tobias Thomas in a release.

Prices for “housing, water, energy” rose by an average of 14.1 percent, remaining the primary driver of year-on-year inflation.

Restaurants and hotels saw prices increase by 12.9 percent, slightly less than in May (up 13.6 percent). Food and non-alcoholic beverages rose by an average of 11.1 percent, also somewhat less than in May (plus 12.3 percent).

Fuel prices had a dampening effect – in a year-on-year comparison. Without the comparatively cheaper fuels, the inflation rate in June would have been 9.0 percent, according to Statistics Austria.