In December 2024, inflation in Austria rose by 2%, in line with the European Central Bank’s target for price stability, according to a preliminary estimate from Statistik Austria.

The agency reported that prices increased by 0.6% compared to November. Services were the main drivers of the price rise, with costs up by 4.6% compared to December 2023. Prices for food, tobacco and alcohol saw a 1.7% increase, while energy prices dropped by 7%, providing some relief and acting as a brake on inflation.

Tobias Thomas, Director-General of Statistik Austria, pointed out that the 2% rise in the cost of living meets the EU’s stability goals. Inflation in Austria had been slightly lower in the previous three months. The final figures will be released on 15 January.

Meanwhile, inflation in neighbouring Germany also rose in December, marking the third consecutive month of increases. Consumer prices in Germany were up by 2.6% compared to the same time last year, following a 2.2% rise in November. Although inflation in Germany has eased over the past year, the average increase in prices for 2023 was 2.2%, a sharp drop from the 5.9% recorded in 2022.