Inflation was as expected at 1.9 percent in November

Compared to the previous month of October 2024, the average price level increased by 0.3 percent, Statistics Austria announced on Wednesday. Thus, inflation was below the 2 percent target of the European Central Bank (ECB) for the third month in a row.

In October, the price increase compared to the previous year was slightly lower at 1.8 percent. The strongest price dampener in November 2024 once again proved to be the fallen prices for household energy, with cheaper fuels also having an inflation-reducing effect, which, however, was less pronounced than in previous months. Without cheaper household energy and cheaper fuels, inflation in November would have been at 2.8 percent, the statisticians calculated.

Strongest Inflation Driver was Price Increases in Restaurants and Hotels

The strongest driver of inflation, in turn, was the price increase in restaurants and hotels, where the price level was 6 percent higher than the previous year (October: 5.8 percent). For food and non-alcoholic beverages, prices were on average 2.1 percent higher, but the price increase was less than in October (plus 2.7 percent). Rents increased with a plus of 4.7 percent, also slightly less strongly than in October (plus 4.9 percent).

(APA/Red)

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