Austria’s Harmonised Index of Consumer Prices (HICP) data for July contain a discrepancy between the two records: the newer report says prices fell 0.4% month-on-month, matching forecasts, while the older report says they rose 0.3% from June. The older report also puts annual HICP inflation at 2.7%, above a 2.6% market forecast and the eurozone’s preliminary 2.6% July estimate, while the newer report says the annual rate remained positive and continued to decelerate without specifying a figure. The newer account attributes the monthly decline to lower energy prices and seasonal reductions in package-holiday costs. Both accounts identify food as a source of persistent pressure, and the newer report says core inflation remained above the headline rate. The European Central Bank (ECB), which targets 2% inflation across the euro area, is expected to remain data-dependent as it weighs whether to pause or slow interest-rate increases. Markets showed little reaction in the newer account, with the euro steady and Austrian government bond yields largely unchanged, while the older account anticipated only modest fluctuations. Investors are awaiting eurozone-wide HICP data; persistent services, food and core pressures, energy-price volatility, weak growth and the effects of cumulative price increases on Austrian households remain risks.