Over the course of 2024, the inflation rate fell steadily from 4.6 percent in January to 1.8 percent in September and October, before slightly rising to 2.0 percent in December.

Inflation 2024: Gastronomy and Hotel Industry as Price Drivers

The decline in household energy prices had a particularly dampening effect on prices, while services mainly drove prices, Statistik Austria reported on Wednesday. The increase in gastronomy prices was less than in 2023, but still significantly above the inflation rate. Accordingly, prices in restaurants and hotels increased by 7.0 percent. Hotel prices rose by 6.3 percent, goods and services became 5.3 percent more expensive. Insurance became significantly more expensive (plus 6.5 percent), and expenditures for personal care increased by 4.2 percent. The inflation for housing, water, energy was 2.2 percent, a fifth of 2023. The main reason for this decline were the prices for household energy, which fell by 6.9 percent in 2024.

(APA/Red)

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