Austria's inflation hits a 47-year high

Austrian consumer price inflation accelerated to 8.7per cent in June, in line with initial flash data and taking price growth in the country to its strongest level in 47 years.

This is according to data from Statistics Austria showed on Tuesday.

Consumer price inflation had been reported at 7.7 per cent in May.

Moreover, this was the strongest inflation rate since September 1975.

"Further price surges for fuels, food, household energy and restaurants have once again significantly driven inflation in Austria,'' Tobias Thomas, director general at Statistics Austria, said.

Transport costs alone grew 21.9 per cent annually in June, amid a 63.2 per cent jump in fuel prices.

Utility costs rose 10.3 per cent and prices for food and non-alcoholic beverages gained 11.3 per cent.

On a monthly basis, consumer prices increased 1.4 per cent in June, following a 0.8 per cent rise in the prior month, as estimated.

The EU measure of the harmonised index of consumer prices, or HICP, also climbed 8.7 per cent annually in June, following a 7.7 per cent rise in the preceding month.

The latest figures matched flash data.