Austria: Harmonized inflation comes in at highest level since our records began in October

Harmonized inflation increased to 11.5% in October from September’s 11.0%. October's figure represented the highest inflation rate since our current records began. The result was driven by moderating price pressures for transportation and housing and utilities. Moreover, prices for recreation grew at a more subdued pace.

Annual average harmonized inflation rose to 7.5% in October (September: 6.8%). Meanwhile, consumer price inflation rose to 11.0% in October, from September’s 10.6%.

Lastly, harmonized consumer prices rose 1.20% in October over the previous month, which was below the 2.52% rise seen in September.

FocusEconomics Consensus Forecast panelists forecast harmonized inflation to average 5.3% in 2023, which is up 0.6 percentage points from last month’s projection, and 2.5% in 2024.