According to Statistics Austria, inflation climbed to 4.1 percent in August, up from 3.6 percent in July. "The inflation rate was last this high in March 2024," confirmed Statistics Austria Director General Manuela Lenk on Wednesday, confirming the figures already expected in the flash estimate. "In many areas, the price surge intensified." The strongest price drivers currently are gastronomy, electricity, and food.

Without these three areas, the inflation rate would have been only 2.2 percent. Compared to July, the general price level increased by 0.2 percent.

Plus 37.2 Percent in Electricity Prices

The housing, water, and energy sector recorded the largest contribution with an increase of 6.1 percent. The main factor was electricity prices, which rose by 37.2 percent year-on-year. Rents also increased by 4.4 percent, while heating oil, solid fuels, and gas had a somewhat dampening effect on prices.

In restaurants and hotels, prices increased by 6.1 percent, more than in July. For food and non-alcoholic beverages, the increase was 5.2 percent - with meat rising by 6.2 percent and milk, cheese, and eggs by 7.5 percent. Coffee even became 23.8 percent more expensive.

August with 3.8 Percent Core Inflation

Core inflation - excluding volatile energy and food prices - was 3.8 percent in August. The EU-wide comparable harmonized consumer price index (HCPI) also reached 4.1 percent.

The inflation was also noticeably felt in everyday life: The micro basket, which reflects daily shopping, rose by 4.7 percent, and the mini basket for weekly shopping by 3.4 percent.

(APA/Red)

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