This was the lowest level since April 2021. In July, inflation was still 2.9 percent year-on-year. Compared to the previous month, prices in August are likely to have fallen by 0.2 percent. Fuels and heating oil in particular became cheaper and thus had a dampening effect on prices year-on-year.
According to the preliminary estimate, the consumer price index (HICP) harmonized for EU comparisons was 2.5 percent in August; compared to the previous month of July, the price level according to the HICP fell by 0.1 percent. In July, the HICP was also still at 2.9 percent.
Price-dampening fuels
“Austria’s inflation is now only 0.4 percentage points away from the ECB target. According to an initial estimate, inflation fell to 2.4 percent in August 2024 – the lowest level since April 2021. In contrast to previous months, fuels in particular, but also heating oil, are no longer driving up prices, but are noticeably dampening prices year-on-year,” said Statistics Austria Director General Tobias Thomas, according to a press release.
