Data from the Austrian Statistics Office revealed that the inflation rate continued to decline in August by 0.5 percent to 2.4 percent compared to the previous month of July, according to what was reported by the Emirates News Agency, “WAM.”
Austria’s Finance Minister Magnus Brunner said the continued decline in inflation in August confirmed the gradual downward trend in previous months. “This is a big step towards normalizing inflation,” he said.
Austrian Economy Minister Martin Kocher praised the “lasting effect of the government’s inflation-reducing measures.”
Tobias Thomas, director of the Austrian Statistics Office, said that the decline in fuel and heating oil prices led to a decrease in prices compared to the previous year.
For his part, Josef Baumgartner, an expert at the Wifo Institute for Economic Research, explained that fuel and heating oil prices fell by 4-5 percent compared to July and by 8 percent compared to August 2023, which led to a decrease in the inflation rate in August by 0.4-0.5 percent, which explains the general decline in the inflation rate in Austria. He attributed the most prominent incentives for the inflation rate in Austria currently to service sector prices.
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