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Investing.com -- Austrian inflation increased to 3.6% year-on-year in July, up from 3.2% in June, according to a flash estimate published Friday by Statistik Austria.
The inflation rate, measured by the Harmonised Index of Consumer Prices (HICP), remains significantly above the European Central Bank’s target of 2% for the eurozone average.
The Consumer Price Index (CPI), another measure of inflation, also rose in July to 3.5% year-on-year.
Energy prices had a strong upward effect on inflation, increasing by 4.3% compared to the previous year. Gas and heating oil specifically had less of a dampening effect on prices in July than in previous months.
Services continue to be the main driver of inflation with price increases of 4.5% year-on-year.
According to preliminary estimates from Statistics Austria, price momentum is expected to ease in the coming months.
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