Declining energy prices curb inflation rates in Austria
Vienna, January 25, 2017 – Inflation rates in Austria witnessed a decline of 2% last January, compared to the same period last year.
Data from the Austrian Statistics Authority showed that service sector prices witnessed a significant increase, and are the main driver of inflation in Austria, especially the restaurants and hotels sector by 4.9%, and the restaurant sector by 2.6%, and in contrast, fuel prices decreased by 6.5%.
The decline in energy prices played a fundamental role in reducing the inflation rate.
Manuela Link, Director of the Statistics Authority, explained that lowering electricity prices and reducing taxes imposed on them led to a decrease in electricity prices by 8.2% compared to the previous year, which led to a decline in the inflation rate by a full percentage point, coinciding with a decline in the rate of rise in the prices of other products, most notably the prices of food and beverages, which recorded an increase of 2.6%.
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