Press release: 12.491-082/21
– In March 2021, the inflation rate
was 2.0%, as Statistics Austria reports (February 2021: 1.2%) reaching
the highest value since February 2020 (+2.2%). Mainly responsible for
this were fuel and heating oil prices, which turned out to be price
drivers due to their significant low price levels in March 2020 (base
effect). Housing, water and energy (+2.9% compared to March 2020) remained
the most important price driver.
The CPI 2020 was at 101.9, while the average price
level increased by 1.1% compared to February 2021.
"Crude oil prices on the world market caused
the inflation rate to rise to the ECB target of 2% in March 2021, putting
a stop to the phase of lowest inflation rates for the time being. The
crash of oil prices at the beginning of 2020 had a strong dampening
effect on price development last year, which is now gone as crude oil
prices have largely returned to their previous level," says Statistics Austria
Director General Tobias Thomas.
The measures to contain COVID-19 had a less but still
significant impact on the calculation
of the March inflation rate. In contrast to February in the supermarket
and drugstore-sector the price surveys were changed from scanner data
to in-store collection. The retail sector, personal services like hairdressers
and museums and zoos were still open and prices there were also collected
in-store. As in February the most affected sectors were: gastronomy,
theatre, tourism, entertainment, leisure and sport. Where necessary,
different imputation methods like seasonal imputation, all items imputation
or carry-forward were applied. In total, this affected about 13.8% of
the weight of the basket of goods and services. For further in-depth
explanation of the general principles and applied computation methods,
please refer to the methodological
information note (PDF, 1 MB) on the compilation of the CPI
in the context of COVID-19.
The index level of the harmonised
index of consumer prices (HICP 2015)
was 110.69 in March 2021 (February 2021: revised 109.40) with a harmonised
inflation rate at 2.0%.
For more detailed information please refer to the German
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Last Changed 16.04.2021