The consumer price inflation rate in Austria fell to its lowest level in over two years, as initially calculated in February, according to the most recent data from Statistics Austria released on Monday. The consumer price index increased by 4.3 percent on a year-on-year basis in February, which was a slower growth rate compared to the revised 4.6 percent rise in January. This aligns with the preliminary data released on March 1.
This was indeed the lowest inflation rate since December 2021, but it was still double the stability target of 2.0 percent set by the European Central Bank. According to Tobias Thomas, the director general at Statistics Austria, the decrease in inflation was primarily due to a significant reduction in food price pressure and a slight slowdown in the price increase at restaurants.
Food and non-alcoholic beverage costs rose at a slower yearly rate of 3.7 percent in February, compared to a 5.4 percent increase the previous month. The expenses for restaurants and hotels were 8.3 percent higher, a slight decrease from the 9.1 percent rise in January.
Consumer prices rose by 0.7 percent in February on a monthly basis, as initially estimated. The EU harmonized inflation also slightly decreased to 4.2 percent from 4.3 percent a month ago, confirming the preliminary data.
