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Austria sees inflation rate at record 5-year low

Xinhua, January 17, 2015 Adjust font size:

The Austrian inflation rate sunk to 1 percent in December on the back of the global oil price decline, reaching the lowest rate since February 2010, Statistics Austria reported Friday.

The December low follows inflation of 1.7 percent recorded in November. Without the oil and petrol price drop, inflation amount would have likely been around 1.6 percent, the statistical office said.

In 2014, the inflation rate was calculated at 1.7 percent, compared to 2 percent in 2013.

Additionally, the Harmonised Index of Consumer Prices (HICP), the inflation and price stability indicator of the European Central Bank, fell to 0.8 percent, down from 1.5 percent in November.

The main driver of inflation remained the restaurants and hotels category with an average 2.7 percent price increase year-on-year.

The housing, water and energy category, meanwhile, dropped from 1.6 percent to 1 percent year-on-year in December, mainly due to household energy costs being reduced.

The other major category of food and alcohol-free drinks also recorded a 1 percent price increase. Endit