Austria’s consumer price inflation moderated further in July to the lowest level in more than a year on lower energy prices, preliminary estimates from Statistics Austria showed on Monday.
The consumer price index climbed 7.0 percent year-over-year in July, slower than the 8.0 percent increase in June. Moreover, this was the weakest inflation rate since March 2022.
“The main factor here was the price of household energy, which had risen massively at the start of the Ukraine war and is now driving inflation far less than a year ago,” Statistics Austria Director General Tobias Thomas said.
Fuels and heating oil were significantly cheaper compared with July of the previous year.
The EU measure of the harmonized index of consumer prices, or HICP, also rose 7.0 percent annually in July, after a 7.8 percent gain in the preceding month.
Compared to the previous month, the CPI edged up 0.1 percent in July, while the HICP dropped by 0.2 percent.