The global economic downturn as a result of the corona pandemic has pushed the price of Oil in recent weeks. This has also led in Austria to one of the lowest inflation rates in years. Consumer prices rose in may by only 0.7 per cent, as statistics Austria reported. In April, the inflation rate had been 1.5 percent.
The inflation rate was last updated in August 2016, with 0.6 per cent lower than currently, in may, the statistics Austria at APA request.
Both Diesel and super gasoline fell in may year-on-Year by around a fifth. Without cheaper fuel, Inflation would have been twice as high. The strongest price driver was re-Living of the area. The prices for housing, water and energy increased an average of 2.2 per cent, Rents rose by 3.2 per cent. Household energy cost by an average of 0.4 percent less, mainly due to massive verb contributed subsidies for heating oil of almost 29 percent.
As in April, the calculation of the inflation rate had to be adapted because of the corona of a crisis. “Some prices could not be as usual collected and therefore have been replaced or updated,” said the authority. At the beginning of may were all the shops, shopping centres and hairdressers again, in mid-may, catering establishments followed.
The Online survey was strongly decreased, as clothing and shoes could be in the shops raised, explained the statistics. A continuation with the overall inflation rate was in the gastronomy sector or for flights and travel. On the whole, in may, as measured by their weight, about 17.5 percent of collected prices for Goods and services, not to replace the survey default affected and had to be written.
In the case of food and non-alcoholic beverages, the price development weakened significantly. The inflation rate was here in April to 2.6 percent, so it was in may, only 1.3 per cent. In particular, meat prices fell in may, significantly. The prices for milk, cheese and eggs rose by 2.4 percent, and those for fruits by 3.4 percent. Bread and cereal products cost of 1.0 percent more vegetables, in contrast, was 1.8 percent less.
The daily shopping rose in may by an average of 2.1 per cent, the weekly shopping, the calculated Fuel included, fell year-on-Year by 3.1 percent. Cheaper all around the theme of communication: telephone and Telefax services was reduced by 3.3 percent of, mobile phones to 11.4 percent. Clothing and shoes costing an average of 2.7 percent less.
The Euro-zone comparisons, determined in Harmonised inflation rate (HICP) for Austria amounted to 0.6 percent. The European Central Bank (ECB) considers an Inflation of just under 2 percent is considered ideal for the recovery of the target but for the Euro area for years.
Compared to the previous month of April, the average price level fell by 0.6 percent. Price to the subduing influence of especially the prices for motor fuels (5.3 percent), food (-1.1 percent) and clothing (-3.0 percent). The main price drivers in the month of interval were Rent by an average of 0.6 per cent higher. (apa/red)
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