According to Statistics Austria, the service producer price index (SPPI) rose to 114.6 points in the second quarter of 2024 and was therefore 4.5% higher than in the second quarter of the previous year. The annual rate of change was +4.4% in the first quarter of 2024 and +5.1% in the fourth quarter of 2023. Compared to the previous quarter, producer prices for services rose by 1.1% in the second quarter of 2024. “Rising personnel costs and general price adjustments made services in Austria more expensive again in the second quarter of 2024. Compared to the first quarter of 2024, producer prices for services rose by an average of 1.1%, compared to the second quarter of the previous year by 4.5%. The trend of continuously rising service prices has thus continued since 2021,” says Statistics Austria’s Director General Statistics Tobias Thomas.
Compared to the second quarter of the previous year, the producer price index for services rose by an average of 4.5%. The most important price driver in the second quarter of 2024 was transportation and storage (+6.5%), followed by the provision of administrative and support service activities (+4.7%) and accommodation and food service activities (+4.5%).
Compared to the first quarter of 2024, producer prices for services increased by an average of 1.1%.
Source: Statistics Austria
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