Austria's consumer price inflation remained under the European Central Bank's (ECB) target for a second consecutive month, as preliminarily estimated in October, according to the latest figures released by Statistics Austria on Tuesday.
The consumer price index increased by 1.8% year-over-year in October, maintaining the same growth rate as the previous month, confirming earlier provisional figures. This represents the lowest inflation rate since February 2021, when the increase was 1.2%. Notably, inflation has remained below the ECB's target of 2.0% for the second month in a row.
Statistics Austria highlighted that lower fuel prices compared to the previous year continue to exert the most significant deflationary impact. In October, the cost of housing and utilities showed a modest increase of 0.2% annually, a slowdown from the 1.5% rise recorded in September. Additionally, transportation costs were reduced by 2.3%, attributed to a 12.3% decline in fuel prices.
On a month-to-month basis, consumer prices rose by 0.3%, consistent with initial estimates. The Harmonized Index of Consumer Prices (HICP), a measure used across the EU, also climbed at a steady annual rate of 1.8%, with a 0.4% increase noted on a monthly basis. These figures align with the preliminary report previously released.
