Inflation fell to 4.0 percent in September

The annual inflation rate slightly slowed to 4.0 percent in September. However, it is still significantly higher than in the EU. The strongest price drivers were housing and energy as well as services. Food prices rose somewhat more slowly. Daily shopping became 3.8 percent more expensive, and weekly shopping 3.4 percent more expensive. Both were thus below the overall inflation. Compared to the previous month, the general price level fell by 0.2 percent.

Statistics Austria confirmed its first estimate from early October on Friday. The EU-wide comparable HICP (Harmonized Index of Consumer Prices) was at 3.9 percent. Prices rose most in the expenditure group housing, water, energy (+6.0 percent), driven by household energy (+12.8 percent). Electricity became 35.9 percent more expensive over the year, rents increased by 4.7 percent. Gas (−1.9 percent) and solid fuels (−0.7 percent) had a dampening effect, district heating was almost stable (−0.1 percent). Services overall increased by 4.7 percent, restaurants and hotels by 6.2 percent.

For food and non-alcoholic beverages, the price increase weakened to 3.9 percent. Food alone rose by 3.1 percent and contributed only 0.3 percentage points to the overall inflation. Non-alcoholic beverages remained noticeable (+10.4 percent), including coffee at +22.7 percent.

Micro Shopping Basket Became 3.8 Percent More Expensive

The micro shopping basket, which reflects daily shopping and predominantly includes food, but also daily newspapers or coffee in a café, became 3.8 percent more expensive. The price level of the mini shopping basket, which represents a weekly shopping trip and includes food, services, and fuels, rose by 3.4 percent year-on-year. Both were thus below the overall inflation.

In transportation, prices were 2.5 percent above the previous year. Fuels no longer had a dampening effect (+0.1 percent). On a monthly basis, the seasonal decline in package holidays (−15.0 percent) and more expensive clothing (+12.9 percent) shaped the picture. The HICP remained unchanged from August at 3.9 percent.

Increase in Restaurants and Hotels

Restaurants and hotels were on average 6.2 percent more expensive in September than a year ago. This was mainly due to catering services (+6.3 percent). Accommodation prices rose similarly strongly as in August, with +5.5 percent.

Leisure and culture became on average 3.2 percent more expensive, significantly slower than in the previous month. This was mainly due to lower price increases for package holidays. The price increase for leisure and cultural services also decreased.

(APA/Red)

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