October 11, 2016 / 8:17 AM / a year ago

Austrian National Bank expects oil price to lift inflation

VIENNA, Oct 11 (Reuters) - Austria’s central bank expects the country’s inflation rate to pick up in the coming months, driven by oil and food prices, it said in a statement on Tuesday.

The Austrian National Bank said it expected the EU-harmonised index of consumer prices (HICP) to rise 0.9 percent in 2016 and 1.5 percent next year. Austria reported a year-on-year increase of 0.6 percent for August.

“A significant acceleration should occur in autumn 2016. This is primarily due to the oil price fall in autumn 2015 ... and an expected increase in food commodity prices,” the central bank said. (Reporting by Francois Murphy; Editing by Shadia Nasralla)

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