Inflation in Austria was at 9.0% in May 2023; Lowest value since June 2022; fuels act as main price damper

June 21, 2023

In May 2023, the inflation rate stood at 9.0% (April 2023: revised 9.6%), as Statistics Austria reports. The consumer price index (CPI 2020) was 119.9 (April 2023: revised 119.6), while the average price level increased by 0.3% compared to April 2023. The index level of the harmonised index of consumer prices (HICP 2015) was 130.07 in May 2023 (April 2023: revised 129.88), with a harmonised inflation rate at 8.8% (April 2023: revised 9.4%).

“In May 2023, the inflation rate slowed down to 9.0% after 9.6% in April. In particular significantly cheaper fuels contributed to the decline. Although food as well as restaurants and hotels rose slightly less in May than in the previous month, inflation rates here remained in double digits,” says Statistics Austria Director General Tobias Thomas.

Higher prices for housing, water and energy (+15.1% compared to May 2022; including gas +79.1%, district heat +82.2%, solids fuels +32.7%, electricity +8.1%, heating oil −22.0%) proved to be the most important price driver, followed by restaurants and hotels (+13.6%; restaurants +13.4%, hotels +14.7%). The third strongest price driver was food and non-alcoholic beverages (+12.3%; food +12.1%, non-alcoholic beverages +12.9%). Transport showed barely perceptible price increases of 0.2% (fuels −16.0%, used cars +7.9%).

Source: Statistics Austria
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither Karen Audit nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.