Flash estimate

Inflation down to 2.4 percent in August

The inflation rate in Austria fell to 2.4% in August, according to a flash estimate by Statistics Austria. This was the lowest level since April 2021. In July, year-on-year inflation was still at 2.9 percent. 

Compared to the previous month, prices are likely to have fallen by 0.2% in August. Fuel and heating oil in particular became cheaper.

"Austria's inflation is only 0.4 percentage points away from the ECB target. According to an initial estimate, inflation fell to 2.4% in August 2024 - the lowest level since April 2021," says Statistics Austria Director General Tobias Thomas.

"In contrast to previous months, fuels in particular, but also heating oil, are no longer driving up prices, but are having a noticeably dampening effect on prices year-on-year."

August inflation in the eurozone falls to 2.2 percent
Annual inflation in the eurozone is likely to have fallen significantly to 2.2 percent in August. In the previous month of July, the inflation rate was still 2.6 percent. The main factor here is likely to have been a year-on-year fall in energy prices of three percent.

An important driver of inflation is likely to be the price trend for services, which would have risen by 4.2% from August 2023 to August 2024 - in July, the annual rate here was still 4%. The annual inflation rate in the "food, alcohol and tobacco" category also rose slightly from July to August, from 2.3% to 2.4%.