According to the App Store, here are the data Outlook can and will collect:
The following data may be used to track you across apps and websites owned by other companies:
Usage Data
The following data may be collected and linked to your identity:
Contact Info
Contacts
User Content
Search History
Identifiers
Usage Data
Diagnostics
The following data may be collected but it is not linked to your identity:
Location
It is free --
IF you consider your privacy worthless.