Inflation in Austria accelerated to a more than one-year high in July

The acceleration in inflation in July was mainly due to fuel prices having a less significant impact on inflation than in the past. The strongest price increases were in the catering sector and energy, especially electricity, said Thomas Burg, CEO of the Austrian Statistical Office.

According to a statement from the Austrian Statistical Office, the main driver of inflation in July was the 5.7 percent increase in housing and utility prices, up from 5.2 percent in the previous month. The annual rate of price increases in the catering sector, at 5.8 percent, remained well above the overall inflation rate, which was 5.5 percent a month earlier. The price increase for food and non-alcoholic beverages rose to 5.2 percent from 3.8 percent in the previous month.

On a monthly basis, consumer prices in Austria rose by 0.3 percent in July, after a monthly increase of 0.5 percent in June.

The annual rate of increase in the Harmonised Index of Consumer Prices (HICP), calculated for EU comparison purposes, accelerated to 3.7 percent in July from 3.2 percent in the previous month, and on a monthly basis, it increased by 0.1 percent, after a 0.3 percent increase in the previous month.