FX.co ★ Austria Inflation Remains Above 4%

Inflation for consumer prices in Austria experienced a minor decline in March, yet the figure remained well above the 4 percent mark, close to double The European Central Bank's set target of 2 percent.

The year-on-year rise in March for the consumer price index was 4.2 percent, a slight decrease from February's 4.3 percent increase, according to preliminary data from Statistics Austria. The rate in February represented the lowest since December of the previous year.

The HICP (Harmonized Index of Consumer Prices) based inflation remained stable at 4.2 percent. Tobias Thomas, Director General of Statistics Austria, noted a slight decrease in inflation in the restaurant sector, along with a few other areas. However, he observed that electricity and fuel prices, which previously had a moderating effect on inflation, have started to increase slightly year-on-year.

Consumer prices saw a month-on-month rise of 0.5 percent as indicated by the CPI (Consumer Price Index), following February's increase of 0.7 percent. The HICP showed a 0.7 percent increase from the prior month, maintaining the same rate as in the previous period.

Detailed data on these statistics is scheduled for release by Statistics Austria on the 17th of April.