Inflation in Austria: Highest Rate in 10 Years

OrganizationsOther ♦ Published: August 31, 2021; 10:27 ♦ (Vindobona)

In August 2021, the inflation rate reached 3.1%, the highest value since December 2011.

"The current high inflation is particularly due to the low energy and fuel prices last summer and the current price increase for air travel," said Statistics Austria Director General Tobias Thomas. / Picture: © Wikimedia Commons / Tim Reckmann from Hamm, Deutschland / CC BY (https://creativecommons.org/licenses/by/2.0)

The inflation rate for August 2021 is expected to be 3.1%, according to calculations by Statistics Austria in a flash estimate. 

"In August 2021, we see an inflation rate of 3.1%, the highest value since December 2011, when inflation was 3.2%. The current high inflation is particularly due to the low energy and fuel prices last summer and the current price increase for air travel," said Statistics Austria Director General Tobias Thomas."

Compared to the previous month (July 2021), consumer prices are rising by +0.1%.

According to the standardized EU calculation (HICP), prices are also 3.1% higher on an annual basis; according to this calculation, there was no increase in prices on a monthly basis.

Consumer Price Index (CPI), August 2021
+3.1% on the same month a year earlier (preliminary flash estimate)
+0.1% month-on-month (preliminary flash estimate).

Harmonized Index of Consumer Prices (HICP), August 2021
+3.1% year-on-year (preliminary flash estimate)
0.0% month-on-month (preliminary flash estimate)

The final index level of the consumer price index and other results for August 2021 will be released on September 17, 2021.

Industrial producer prices increased by 8.6% in July 2021

The industrial producer price index, IPPI 2015, reached 109.0 points in July 2021, representing a price increase of 8.6% compared to July 2020.

That was the highest year-on-year rise since records began in January 2000 and followed a 6.9% price increase in June 2021 and a 6.0% increase in May 2021.

Hence, the price dynamics for industrial products has accelerated further.

Compared to June 2021, the industrial producer price index rose significantly by 1.7%.

The increase of the industrial producer price index in July 2021 (+8.6%) was mainly due to high prices in the energy sector (+15.6%) and for intermediate goods (+12.1%).

The prices for consumer goods rose by 1.4% in July 2021 and those for capital goods by 1.2%.

Bundesanstalt Statistik Österreich