Inflation in Austria was 7.8% in 2023

According to the report from the Osztrák Statisztikai Hivatal, Austria’s average annual inflation rate measured by the Consumer Price Index (CPI 2020) was 7.8% in 2023. This was lower than the 8.6% recorded in 2022.

Inflation at a similarly high level was last recorded in 1974, at 9.5%, and in 1975, at 8.4%. The average annual inflation rate measured by the Harmonised Index of Consumer Prices (HICP 2015) was 7.7% in 2023, compared with 8.6% in 2022.

Nearly four times the ECB’s target

The 2023 inflation rate of 7.8% was still almost four times the European Central Bank (ECB)’s 2% target. Although inflation declined slightly compared with 2022, when it reached 8.6%—the highest level recorded since the 1974 oil-price crisis—the decline was more pronounced in the other countries of the euro area.

More than half of the inflation in 2023 was attributable to significant price increases in hospitality services, food, housing maintenance and repair, and household energy. Lower fuel prices, by contrast, reduced price growth and contributed substantially to the annual decline in inflation.

Which costs increased the most?

The largest contributor was housing, water and energy, where prices rose by 11.1% compared with 2022. Housing maintenance and repair increased by 12.6%, while electricity, gas and other fuels rose by 16.5%.

• Gas: +55.2%
• District heating: +50.5%
• Solid fuels: +8.9%
• Electricity: −2.5%
• Heating oil: −14.0%

Restaurants and hotels were the second-largest contributor, with prices increasing by 12.2% overall. Restaurant prices rose by 12.2%, while hotel prices increased by 12.9%.

Food and non-alcoholic beverages ranked third, increasing by 11.0% overall. Food prices rose by 10.8% and non-alcoholic beverages by 12.6%.

Leisure and culture increased by 7.3%. Within this category, other recreational goods and equipment, gardens and pets rose by 8.3%, recreational and cultural services by 5.5%, and package holidays by 10.0%.

Transport prices increased by 1.7%, well below the overall average. Car prices rose by 7.0%, while fuel prices fell by 8.7%.

Inflation rates by category

• Housing, water and energy: 11.1%
• Housing maintenance and repair: 12.6%
• Electricity, gas and other fuels: 16.5%
• Gas: 55.2%
• District heating: 50.5%
• Solid fuels: 8.9%
• Electricity: −2.5%
• Heating oil: −14.0%
• Restaurants and hotels: 12.2%
• Restaurants: 12.2%
• Hotels: 12.9%
• Food and non-alcoholic beverages: 11.0%
• Food: 10.8%
• Non-alcoholic beverages: 12.6%
• Leisure and culture: 7.3%
• Other recreational goods and equipment, gardens and pets: 8.3%
• Recreational and cultural services: 5.5%
• Package holidays: 10.0%
• Transport: 1.7%
• Cars: 7.0%
• Fuels: −8.7%

Practical steps

1. Review your household budget, paying particular attention to housing, water, energy and maintenance costs.
2. Track gas, district heating, electricity and heating-oil costs separately to see which energy expenses affect your budget most.
3. Compare spending on food, non-alcoholic beverages, restaurants and hotels with the inflation rates reported for these categories.
4. Use the Osztrák Statisztikai Hivatal report as the source for the CPI 2020 and HICP 2015 figures.