FX.co ★ Austria Inflation Eases To 3.0%, Lowest Since July 2021

Austria's consumer price inflation continued to ease in June, reaching its lowest level in nearly three years, according to a flash estimate by Statistics Austria released on Tuesday. This reduction is mainly attributed to a deceleration in the costs of food and fuels.

The consumer price index (CPI) increased by 3.0 percent year-over-year in June, down from the 3.4 percent rise recorded in May. This marks the most subdued inflation rate since July 2021, when prices had climbed by 2.9 percent.

"Currently, prices for food and fuels are making a lesser contribution to inflation than in recent months," the agency noted. Additionally, the rate of price increases at restaurants has also decelerated.

On a monthly basis, consumer prices edged up by 0.2 percent in June.

The Harmonised Index of Consumer Prices (HICP), a measure used across the EU, increased by 3.2 percent compared with a 3.3 percent rise in May. Month-over-month, the HICP saw a modest uptick of 0.1 percent.