A city on a lake in Austria

Austria Inflation

Austria Inflation

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 2014 to 2023.
Source: Macrobond.

Austria Inflation Data

2019 2020 2021 2022 2023
Inflation (HICP, ann. var. %, aop) 1.5 1.4 2.8 8.6 7.7
Inflation (HICP, ann. var. %, eop) 1.8 1.0 3.8 10.5 5.7

Harmonized inflation falls to a near three-year low in June

Harmonized inflation came in at 3.1% in June, down from May’s 3.3% but outpacing the Euro area average of 2.5%. June's reading marked the lowest inflation rate since July 2021. Looking at the details of the release, price pressures for food and non-alcoholic beverages plus transportation slowed markedly. That said, price growth for housing and utilities accelerated. Accordingly, the trend pointed down, with annual average harmonized inflation coming in at 4.8% in June (May: 5.2%). Meanwhile, consumer price inflation fell to 3.0% in June from May’s 3.3%. Finally, harmonized consumer prices rose 0.04% over the previous month in June, below the 0.09% rise recorded in May. June's result marked the weakest reading since January.

Maximilian Möstl, analyst at Erste Bank, commented: “We expect inflation to continue its downward trend in 2024, as inflationary pressure is easing in almost all sectors. However, inflation in the services sector, supported by wage increases, is likely to keep core inflation at a high level for a while yet.”

Consensus Forecasts and Projections for the next ten years

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 22 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.

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