February 28, 2023

In January 2023, the inflation rate stood at 11.2 % (December 2022 10.2 %), as Statistics Austria reports. The consumer price index (CPI 2020) was 117.1, while the average price level increased by 0.9 % compared to December 2022. The index level of the harmonised index of consumer prices (HICP 2015) was 127.01 in January 2023, with a harmonised inflation rate at 11.5 %.

“The jump in inflation from 10.2 % in December 2022 to 11.2 % in January 2023 can be mainly explained by prices for household energy, which rose significantly. Without the electricity price brake, which is in force since December 2022, the increase would have been even stronger. The measures to contain network costs are expected to take effect from March. We also observed further price increases in most of the other sectors, such as food. The downward pressure on fuel prices at the end of the year did not ease further in January,” says Statistics Austria Director General Tobias Thomas.

Higher costs for housing, water and energy (+19.3 % compared to January 2022; including gas +98.4 %, district heat +86.6 %, solids fuels +89.6 %, electricity +13.7 %, heating oil +49.6 %) proved to be the most important price driver, followed by food and non-alcoholic beverages (+17.0 %; food +17.4 %, non-alcoholic beverages +14,1 %). The third strongest price driver was restaurants and hotels (+12.3 %; restaurants +12.5 %). Transport showed price increases of 11.1 % (fuels +18.0 %).

Source: Statistics Austria
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