WASHINGTON: Austria’s annual inflation rate in March fell from a multi-year high in the previous month due to weaker price pressure from fuel, the country’s statistics office said Wednesday. Consumer prices rose by 0.6% from February and increased by 2.0% on the year, it said. February’s annual inflation rate of 2.2% was the highest since June 2013.
“The decline [in the annual inflation rate] was primarily caused by lower price dynamics for fuels,” the statistics office said, adding that fuels, nevertheless, remained the main price driver last month, followed by restaurant services. Consumer prices measured according to European Union standards rose 0.9% on the month in March and increased by 2.2% on the year. The European Central Bank targets inflation of close to but below 2% in the 19-member eurozone, to which Austria belongs.
