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Austria Inflation October 2023

Austria: Harmonized inflation drops to lowest level since January 2022 in October

Harmonized inflation fell to 4.9% in October below September’s 5.8%. October’s figure represented the weakest inflation rate since January 2022 but remained above the euro area 2.9% average. The moderation was largely driven by a slower rise in prices for food and non-alcoholic beverages, transportation and recreation.

Annual average harmonized inflation fell to 8.6% in October (September: 9.2%). Meanwhile, consumer price inflation fell to 5.4% in October, from September’s 6.0%.

Finally, harmonized consumer prices rose 0.37% from the previous month in October, a smaller increase than September’s 0.89% increase.

On the outlook for inflation, analysts at Erste Bank commented:

“The sharp fall in inflation in September and October was partly due to a strong base effect resulting from the peaks in inflation in the same months last year. We expect inflation to continue its downward trend in the coming months, albeit at a slower pace. Inflation in the services sector, supported by wage increases, is likely to keep core inflation high for a while yet.“

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