Inflation Rate Rises In Austria

Inflation rate rises in Austria

VIENNA, (UrduPoint / Pakistan Point News / WAM - 03rd Feb, 2025) Austria’s inflation rate surged to 3.3 percent in January on a year-on-year basis, with prices increasing by 1.1 percent compared to December, according to the latest figures released today by Statistics Austria.

The report highlighted the key drivers behind January’s price increases, noting that service sector prices saw the highest rise at 4.7 percent, followed by a 3.7 percent increase in energy prices.

The energy hike was anticipated due to the expiration of government measures to reduce electricity prices, which ended at the start of January 2025.

On the other hand, the report indicated that industrial goods prices had a dampening effect on inflation, rising by only 0.9 percent year-on-year.

Tobias Thomas, Director-General of Statistics Austria, stated that rising wage costs in the service sector were the Primary driver of January's inflation increase. He also noted that food and tobacco prices rose at a below-average rate of 2.7 percent. The economist expects inflation rates in Austria to decline again over the course of the year.