VIENNA, Jan. 15 (Xinhua) -- Austria's annual inflation stood at 2.9 percent in 2024, significantly lower than 7.8 percent in 2023 and 8.6 percent in 2022, Statistics Austria said on Wednesday.

Tobias Thomas, director-general of Statistics Austria, said in a statement that the slower inflation last year was mainly driven by falling household energy prices.

The decline in the inflation rate in Austria in 2024 was more significant than that in most eurozone countries, Thomas added.

According to Statistics Austria, while energy prices fell considerably in 2024, the prices for services rose significantly. The institution said higher prices in restaurants and hotels, 7 percent above the level in 2023, were the most important inflation driver in 2024.

Austria's inflation rate stood at 2 percent in December, remaining within the 2-percent medium-term inflation target set by the European Central Bank for the fourth consecutive month, Statistics Austria said. Enditem

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