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Monday, March 20, 2023

11 percent: Inflation fell slightly in February

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In January, inflation was 11.2 percent – the highest level in the current wave of inflation. The inflation calculation measures how much the prices have risen in the past 12 months, i.e. from February 2022 to February 2023. General Manager Tobias Thomas. The consumer price index (HICP) harmonized for EU comparisons was also 11.0 percent in February. Compared to other EU countries, inflation in Austria is currently higher. Germany, for example, reported an expected inflation rate of 8.7 percent for February on Wednesday.

A year ago, in February 2022, many product groups, especially food, electricity and gas, were still significantly cheaper for household customers. Economists expect inflation to weaken over the course of the year, also because the so-called base effect is taking effect. After the start of the Ukraine war and in the summer of 2022, diesel and petrol were significantly more expensive than they are now. This effect, among other things, should dampen inflation in the coming months.

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