Estimate for January

Inflation fell to its lowest level since 2021

Inflation in Austria slowed considerably at the start of the year. According to Statistics Austria's flash estimate, goods and services cost 4.5% more in January than a year ago. This is the lowest figure since the end of 2021.

Last December, the inflation rate was still at 5.6 percent. The reason for the decline was a less sharp rise in energy prices, with electricity prices in particular having a dampening effect.

Prices have also risen less sharply than recently in many other areas, Statistics Austria Director General Tobias Thomas said on Thursday.

"Since peaking a year ago, the inflation rate has already been more than halved. For 2024, experts expect a further halving compared to 2023," said Finance Minister Magnus Brunner (ÖVP).