Inflation in Austria fell to 3.0 percent in May

Austrian inflation fell in May, moving slightly closer to the European Central Bank’s 2 percent inflation target.

According to a statement from the Austrian Statistical Office, the main driver of inflation in May was the increase in housing and utility prices by 5.0 percent, down from 5.3 percent in the previous month.

The annual rate of price increases in the hospitality industry, at 5.6 percent, continued to be well above overall inflation, compared with a 5.8 percent increase a month earlier.

The price increase for food and non-alcoholic beverages increased to 3.5 percent from 2.9 percent in the previous month, while the rate of increase in the price of alcoholic beverages and tobacco products accelerated from 2.6 percent to 3.1 percent.

On a monthly basis, consumer prices in Austria fell by 0.1 percent in May, in line with the preliminary estimate, after recording a monthly increase of 0.2 percent in April.