Austria's inflation falls below 3 per cent for first time in three years

Vienna: Austria's inflation rate for July is expected to stand at 2.9 percent, marking the first time in three years that the monthly figure has dropped below 3 percent, according to a flash estimate by Statistics Austria released on Wednesday.

Tobias Thomas, Director-General of Statistics Austria, stated that price pressure for food has "eased considerably" in July, but price increases in restaurants "remain above average," Xinhua news agency reported.

High inflation has plagued Austria over the past few years. In a report issued in early June, Statistics Austria said although the country's inflation rate has been declining, it is falling at "a slower pace than that of the eurozone." Austria still has one of the highest inflation rates among eurozone countries.