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According to a flash estimate by Statistics Austria, inflation rose to 3.5 percent in July. Energy costs and expensive services remain a cause for concern, further inflating inflation.
“This brings inflation to its highest level since April 2024,” said Thomas Burg, Director General of Statistics Austria, in a statement on Friday. In June, the inflation rate was 3.3 percent. Energy and industrial goods were particularly responsible for the increase.
Energy prices rose from 3.5 percent in June to 4.3 percent. Gas and heating oil, in particular, had less of a dampening effect on prices in July than in the previous month. Industrial goods also rose significantly—from 1.0 percent in June to 1.4 percent—with clothing in particular having less of a dampening effect on overall inflation.
Services as inflation drivers
Core inflation—consisting of industrial goods and services—stood at 3.3 percent in July. Services showed almost constant inflation of 4.5 percent, continuing to contribute most to overall inflation. Inflation in the food, tobacco, and alcohol sector remained high at 4.4 percent.
The Harmonised Index of Consumer Prices (HICP) stood at 3.6 percent in July compared to the same month last year but remained unchanged compared to June.
- source:krone.at/picture: pixabay.com
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