Austria's consumer price inflation continued to fall below the European Central Bank's (ECB) target for the third consecutive month, as confirmed by Statistics Austria in their latest release on Wednesday.
In November, the consumer price index recorded a year-over-year increase of 1.9 percent, marginally higher than the 1.8 percent growth observed in October. This was consistent with the preliminary data released earlier. Notably, inflation remained under the ECB's stability threshold of 2.0 percent for the third consecutive month.
The most significant downward pressure on inflation came from a year-over-year decrease in household energy prices, accompanied by a reduction in fuel costs.
Director General Tobias Thomas of Statistics Austria remarked, "In the restaurant sector, price increases were substantially higher than the overall inflation rate, while food price increases were notably lower."
Year-on-year, expenditure in the restaurant and hotel sector rose by 6.0 percent, compared to a 5.8 percent increase in October. Conversely, transportation costs decreased more gradually by 0.6 percent, and the rate of increase for food and non-alcoholic beverages slowed to 2.1 percent from the previous 2.7 percent.
On a monthly basis, consumer prices increased by 0.3 percent, which aligns with earlier estimates.
The harmonized index of consumer prices (HICP), employed across the European Union for comparison purposes, also experienced a 1.9 percent annual increase. This figure was revised downwards from an initial 2.0 percent, following a 1.8 percent rise in October.
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