emirates7 - Austria’s inflation rate rose by 0.9% to 3.1% in March, while energy prices increased by 6.1% year-on-year. Statistics Austria attributed the main reason for the rise in inflation to higher fuel and heating oil prices.

The latest periodic statistical data showed that the services sector continues to play a major role in driving inflation in Austria. Prices in the services sector increased from 4.0% in February to 4.5% in March. Food, tobacco, and beverage prices also rose by 2.4% on a monthly basis, according to a statement by Manuela Lenk, Director of Statistics Austria.

Regarding labor market developments in March, official data showed that the unemployment rate increased by 0.1% to 7.5%. The number of registered unemployed individuals and those enrolled in training programs exceeded 400,000, marking an increase of 3,488 people compared to the same month on a yearly basis.