Inflation at a glance
Last update: 23.02.2024

Inflation rates in Austria (CPI)

Standard wages and consumer prices

What is the current inflation rate in Austria?
The inflation rate (CPI) according to Statistics Austria is in January 2024 4.5%.
The harmonized inflation rate (HICP) according to Eurostat mostly follows a very similar course and is currently 4.3%. The core inflation rate (CPI), i.e. inflation excluding food and energy, is 5.1% in January 2024.
How are collectively agreed wages developing in Austria?
Most collective bargaining agreements are adjusted either in November, in January or in May.
For example, the collective wage index for the retail sector (according to the WKO system) changed by 8.5% compared with the previous year.

Contributions of subaggregates to total inflation

Inflation rates - country comparison (HICP)

Which areas of spending are particularly driving or dampening inflation in Austria?
In January 2024, the inflation rate (CPI) in Austria amounts to 4.5%. The energy sector contributed -0.3 percentage points (pp).
Food is responsible for 0.8 pp and industrial goods (excluding energy) contribute 0.8 pp. 3.2 pp are contributed by the service sector.
By clicking on the legend, the individual areas can be shown/hidden. In addition, the categories can be broken down in more detail, by clicking directly on the bars of the graph, for this please click on "Go to chart".
Is the inflation rate in Austria high or low in comparison?
In January 2024, the inflation rate (HICP) in Austria is 4.3%.
In comparison, the inflation rate, as measured by the latest available figures, is 3.1% for the 27 EU countries and 2.8% for the euro area countries.
Italy currently has the lowest inflation rate among the EU countries at 0.9%, and Romania the highest at 7.3%.
The dark blue bars represent the inflation rates according to the HICP for euro countries, whereas the light blue bars show those of EU countries without the euro.
By comparison, the USA reported an inflation rate of 2.3% in January 2024.

Wholesale- and producer prices, in Austria

Inflation drivers, current top 20

How are wholesale and producer prices developing - two leading indicators of inflation?
In January 2024, the year-on-year rate of change in the wholesale price index (WPI) is -3.8%. In December 2023, the year-on-year rate of change in the producer price index (EPI) is -5.2%.
The EPI and the WPI provide information on price trends at the preliminary stages in the value chain. Producer prices are collected for the domestic market, the total market and the foreign market. The graph shows the EPI for the domestic and the non-domestic market (according to ÖNACE 2008 sections B-E36). Wholesale prices are shown for Austria only. Producer prices can also be output for all EU countries in the detailed analysis.
Which of the more than 700 CPI items contribute most to the inflation rate in Austria?
The item that contributes most to the inflation rate (CPI) of 4.5% in January 2024 is Actual rents for housing (all categories), at 0.4 percentage points (pp).
In second place follows the position Holiday package (by plane) (0.2 pp) and in third place Maintenance charge (flat) (0.1 pp). In total, the current top 20 inflation drivers contribute 1.9 pp to the inflation rate. This corresponds to a share of 42.4%.
The so-called heat map shows the contributions of the top 20 items over time. The stronger the red, the stronger the contribution to the inflation rate. In contrast, blue indicates a negative contribution.

Inflation by household types and its drivers, in Austria

Which households, broken down by income group, are hit hardest by inflation and why?
For January 2024, the inflation rate (CPI) of the lowest-income population decile (1st decile) is 0.5 percentage points (pp) above that of the population as a whole.
The largest increasing influence has the product group 04 HOUSING, WATER, ENERGY (0.9 PP), the largest decreasing influence, however, the commodity group 09 RECREATION AND CULTURE (-0.3 PP).
Similarly, the inflation rate (CPI) of the highest-income decile of the population (10th decile) is 0.1 PP above that of the total population. The largest increasing influence has the commodity group 09 RECREATION AND CULTURE (0.4 PP), the largest decreasing influence, on the other hand, is the commodity group 04 HOUSING, WATER, ENERGY (-0.3 PP).
The graph shows which income group has deviations from the population average in each expenditure category. By clicking on the legend, the different expenditure categories can be shown/hidden.
If we link the information on weights, i.e., which expenditures an income group makes particularly strongly/least strongly, with the price developments of these expenditure groups, it is possible to calculate inflation contributions by expenditure groups and the drivers of the inflation differential can be determined.
For a detailed description of the calculation and the data used, see IHS Policy Brief 11.
to

Producer prices, overall market

to

Producer prices, domestic market

to

Producer prices, non-domestic market

to
to
to
How are wholesale and producer prices developing - two leading indicators of inflation?
In January 2024, the year-on-year rate of change in the wholesale price index (WPI) is -3.8%. In December 2023, the year-on-year rate of change in the producer price index (EPI) is -5.2%.
The EPI and the WPI provide information on price trends at the preliminary stages in the value chain. Producer prices are collected for the domestic market, the total market and the foreign market. The graph shows the EPI for the domestic and the non-domestic market (according to ÖNACE 2008 sections B-E36). Wholesale prices are shown for Austria only. Producer prices can also be output for all EU countries in the detailed analysis.
to
to

Wholesale prices

What is the current inflation rate in Austria?
The inflation rate (CPI) according to Statistics Austria is in January 2024 4.5%.
The harmonized inflation rate (HICP) according to Eurostat mostly follows a very similar course and is currently 4.3%. The core inflation rate (CPI), i.e. inflation excluding food and energy, is 5.1% in January 2024.
to
Which areas of spending are particularly driving or dampening inflation in Austria?
In January 2024, the inflation rate (CPI) in Austria amounts to 4.5%. The energy sector contributed -0.3 percentage points (pp).
Food is responsible for 0.8 pp and industrial goods (excluding energy) contribute 0.8 pp. 3.2 pp are contributed by the service sector.
By clicking on the legend, the individual areas can be shown/hidden. In addition, the categories can be broken down in more detail, by clicking directly on the bars of the graph, for this please click on "Go to chart".
to

CPI for Austria

Which of the more than 700 CPI items contribute most to the inflation rate in Austria?
The item that contributes most to the inflation rate (CPI) of 4.5% in January 2024 is Actual rents for housing (all categories), at 0.4 percentage points (pp).
In second place follows the position Holiday package (by plane) (0.2 pp) and in third place Maintenance charge (flat) (0.1 pp). In total, the current top 20 inflation drivers contribute 1.9 pp to the inflation rate. This corresponds to a share of 42.4%.
The so-called heat map shows the contributions of the top 20 items over time. The stronger the red, the stronger the contribution to the inflation rate. In contrast, blue indicates a negative contribution.
to
to

HICP for EU countries

Important hint:
The inflation rates by household type shown here were calculated exclusively by changing the consumption bundles (weights) on the basis of the 2019/2020 consumer survey. Representative prices per household type (such as by age, gender or federal state) are not available/are not collected.
to
Which households, broken down by income group, are hit hardest by inflation and why?
For January 2024, the inflation rate (CPI) of the lowest-income population decile (1st decile) is 0.5 percentage points (pp) above that of the population as a whole.
The largest increasing influence has the product group 04 HOUSING, WATER, ENERGY (0.9 PP), the largest decreasing influence, however, the commodity group 09 RECREATION AND CULTURE (-0.3 PP).
Similarly, the inflation rate (CPI) of the highest-income decile of the population (10th decile) is 0.1 PP above that of the total population. The largest increasing influence has the commodity group 09 RECREATION AND CULTURE (0.4 PP), the largest decreasing influence, on the other hand, is the commodity group 04 HOUSING, WATER, ENERGY (-0.3 PP).
The graph shows which income group has deviations from the population average in each expenditure category. By clicking on the legend, the different expenditure categories can be shown/hidden.
If we link the information on weights, i.e., which expenditures an income group makes particularly strongly/least strongly, with the price developments of these expenditure groups, it is possible to calculate inflation contributions by expenditure groups and the drivers of the inflation differential can be determined.

Source: IHS. Based on consumer survey 2019/2020 and consumer price index of Statistics Austria.
For a detailed description of the calculation and the data used, see IHS Policy Brief 11.
For a look at average monthly equivalent expenditures and incomes by income decile, see: here.
to
to

ÖNACE-Industriezweige

WKO-Fachgruppen

Is the inflation rate in Austria high or low in comparison?
In January 2024, the inflation rate (HICP) in Austria is 4.3%.
In comparison, the inflation rate, as measured by the latest available figures, is 3.1% for the 27 EU countries and 2.8% for the euro area countries.
Italy currently has the lowest inflation rate among the EU countries at 0.9%, and Romania the highest at 7.3%.
The dark blue bars represent the inflation rates according to the HICP for euro countries, whereas the light blue bars show those of EU countries without the euro.
By comparison, the USA reported an inflation rate of 2.3% in January 2024.
to