For the first time since July 2021: Inflation in Austria below three percent

Compared to July of the previous year, prices rose by 2.9 percent, and the average price level remained unchanged in June 2024, Statistics Austria calculated on Tuesday. For the first time since July 2021, inflation was below three percent. Inflation for food has eased significantly, and housing costs have leveled off. The catering industry remains the price driver.

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“Price increases in the catering industry exceeded general inflation by more than double in July,” said Statistics Austria Director General Tobias Thomas. Restaurants and hotels were responsible for almost a third of inflation, housing for a fifth. The decisive factor was the price of household energy, which fell noticeably less than in June.

The main price drivers compared to the previous month, June 2024, were more expensive package flights, which rose by an average of 14.6 percent. The main price dampeners compared to the previous month were cheaper clothing items.

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