Inflation continues to decline in the European Union and the Eurozone

Inflation continues to fall across the European Union and the eurozone: The annual inflation rate in the eurozone fell to 5.5 percent in June 2023, according to data released by Eurostat on Wednesday, from 6.1 percent in May. The EU-wide inflation rate fell to 6.4 percent – after 7.1 percent in the previous month. A year ago, the value was much higher at 8.6 and 9.6 percent. Also in Austria, the inflation rate decreased by 1 percentage point, to 7.8%, compared to May.

In June 2022, the Austrian inflation rate was still 8.7%, according to calculations by the European Union’s statistical office. The values ​​tend to be slightly lower than those determined by the Austrian Statistical Office. The intensity of inflation varies across EU countries: while very high inflation rates were measured in Hungary (19.9%), Slovakia (11.3%), and the Czech Republic (11.2%), inflation was relatively low in Luxembourg (1.0%), Belgium, and Spain (1.6% each). At 6.8%, Germany is just above average.