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The annual inflation rate in Austria stood at 1.8% in October 2024, the same as in the previous month, preliminary estimates showed. According to Statistics Austria-Director General Tobias Thomas, the strongest price drivers are services, increasing 4.6% from the same month last year. Energy prices, however, was the biggest dampening effect on inflation, declining over 11% and reducing the inflation rate by more than one percentage point. Prices for food, tobacco and alcohol are rising for the fourth straight month, with an increase of 3% and are well above the general inflation rate, while other goods show a modest increase of 0.8%. On a monthly basis, consumer prices rose 0.3% in October, rebounding from a 0.1% drop in September.