Austria's inflation rate in March declined compared to the earlier months this year, according to a flash estimate by Statistics Austria on Tuesday.

The inflation rate is expected to be 2.9 percent in March, down from 3.2 percent in both January and February.

"Prices for services rose by 4.2 percent over the course of the year, remaining the main driver of inflation," said Tobias Thomas, director general of Statistics Austria.

According to a press release by Statistics Austria on Monday, the country's government deficit amounted to 4.7 percent of gross domestic product (GDP) in 2024.