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Austria Inflation Increases More Than Estimated

Austria's consumer price inflation rose more than initially estimated in July, final data from Statistics Austria showed on Thursday.

Consumer prices rose 9.3 percent yearly in July, following an 8.7 percent increase in June. In the initial estimate, inflation was 9.2 percent.

The latest inflation was the highest since February 1975.

"The strongest drivers of inflation are still fuel prices, although the price increase here is stagnating at a high level, while the price spiral for household energy and in gastronomy continued to turn noticeably in July - and somewhat less strongly for food," Tobias Thomas, director general at Statistics Austria, said.

"The price increase is particularly noticeable in weekly shopping: The price increase of the mini goods basket, which also includes fuel in addition to food and services, was more than twice as high as the general inflation in July at +19.1 percent."

The EU measure of harmonized index of consumer prices, or HICP, increased 9.4 percent annually in July, following an 8.7 percent rise in the preceding month. According to the initial estimate, HICP rose 9.3 percent.

Stripping off fuels, food, energy and restaurants, inflation was 3.7 percent in July.

On a monthly basis, consumer prices increased 0.9 percent monthly in July, after a 1.4 percent growth in the prior month. In the initial estimate, prices rose 0.8 percent.

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