Inflation in Austria
Harmonized consumer price inflation averaged 2.4% in the ten years to 2022, above the Euro Area average of 1.8%. The 2022 average figure was 8.6%. For more inflation information, visit our dedicated page.
Austria Inflation Chart
Note: This chart displays Inflation (HICP, ann. var. %, aop) for Austria from 2013 to 2022.
Source: Statistics Austria.
Austria Inflation Data
| 2018 | 2019 | 2020 | 2021 | 2022 | |
|---|---|---|---|---|---|
| Inflation (HICP, ann. var. %, aop) | 2.1 | 1.5 | 1.4 | 2.8 | 8.6 |
| Inflation (HICP, ann. var. %, eop) | 1.7 | 1.8 | 1.0 | 3.8 | 10.5 |
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.“
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Austrian inflation projections for the next ten years from a panel of 18 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable inflation forecast available for Austrian inflation.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Austrian inflation projections.
Want to get access to the full dataset of Austrian inflation forecasts? Send an email to info@focus-economics.com.