Quick estimate

Inflation below three percent for the first time since 2021

According to Statistics Austria's flash estimate, the inflation rate in Austria fell to 2.9% in July. This is the first time in three years that it has fallen below the 3% mark.

In June, year-on-year inflation was still at 3.0 percent. The price level in July is likely to have remained unchanged compared to the previous month.

Prices in gastronomy remain high
"Price pressure has eased considerably, especially for food, which is hardly driving inflation any more. Price increases in the food service industry, on the other hand, are still above average," said Tobias Thomas, head of Statistics Austria, on Wednesday.

After the quick estimate, the final value will be known in September.

Finance Minister Magnus Brunner (ÖVP) sees the "downward trend" in inflation confirmed. "The inflation rate is steadily approaching the ECB's target value. The difference to Germany is also narrowing: the difference in the HICP (harmonized consumer price index) is now only 0.3 percentage points," said the minister. In Germany, the harmonized consumer price in July was provisionally 2.6 percent.