Annual inflation 2024: Living in Austria became another 2.9 percent more expensive

Inflation slowed down significantly in Austria last year, but the bottom line was that it was still far too high. In 2024, consumer prices in this country will have risen by 2.9 percent, significantly higher than desired by the European Central Bank (ECB), which is aiming for just two percent inflation. However, the central bank’s interest rate increases have borne fruit in that inflation has fallen enormously compared to 2023, when it was still at 7.8 percent. The main reason for this was lower energy prices, while there were further increases in the price of services.