Austria’s consumer price inflation fell less than expected in March to the lowest level in nine months, owing to a strong drop in fuel and heating oil costs, according to the most recent Statistics Austria statistics.
The consumer price index increased 9.2 percent year on year in March, less than the previous month’s 10.9 percent increase. This was slightly higher than the 9.1 percent growth noted in the flash report.
According to estimates, EU harmonized inflation fell to 9.2 percent from 11.0 percent a month before.
“In March 2022, after the start of the war in Ukraine, fuel and heating oil had become massively more expensive – in comparison, fuel and heating oil prices have now fallen sharply,” said Tobias Thomas, director general at Statistics Austria.
Food prices increased relatively slowly in March 2023, but restaurant costs rose roughly in line with February.
The annual price increase in housing and utilities was 14.1 percent in March, down from 16.5 percent in February. Food and non-alcoholic beverage prices rose considerably, but at a slower rate of 14.5 percent.
The consumer price index rose 0.5 percent on a monthly basis, up from 0.4 percent previously. At the same time, the HICP’s monthly gain of 0.5 percent was verified.
Source: RTT News
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