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On average, consumer prices in Austria were 1.9% higher in November than a year ago—as expected in the flash estimate just under three weeks ago.
According to Statistics Austria, the average price level rose by 0.3% compared to October 2024. Inflation was below the European Central Bank’s (ECB) 2% target for the third month.
Household energy as a price damper
In October, the year-on-year price increase was slightly lower at 1.8%. Once again, lower household energy prices proved to be the strongest price dampener in November 2024, with cheaper fuel also having an inflation-reducing effect, albeit less pronounced than in previous months. The statisticians calculated that without cheaper household energy and fuel, inflation would have been 2.8 percent in November.
Focus on gastronomy, food, and rents
The strongest driver of inflation was prices in restaurants and hotels, which were 6 percent higher than in the previous year (October: 5.8 percent). On average, food and non-alcoholic beverages were 2.1% higher, but the price increase was lower than in October (plus 2.7%). Rents rose by 4.7 percent, which was slightly less than in October (plus 4.9 percent).
- source: kurier.at/picture: pixabay.com
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