Press release

Producer and Import Price Index in December and annual inflation 2023 Producer and Import Price Index with average annual inflation of +0.2% in 2023

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19.01.2024 - The Producer and Import Price Index fell in December 2023 by 0.6% compared with the previous month, reaching 107.2 points (December 2020 = 100). Compared with December 2022, the price level of the whole range of domestic and imported products fell by 1.1%. Average annual inflation was +0.2% in 2023. These are the results from the Federal Statistical Office (FSO).

The average annual inflation rate for 2023 corresponds to the rate of change between the annual average for 2023 and and that for 2022. The annual average is equal to the arithmetic mean of the 12 monthly indices of the calendar year. In 2023, average annual inflation was +0.2%. This increase is due in particular to higher prices for electricity and gas. In contrast, prices fell for petroleum products, pharmaceutical products and basic metals and semi-finished metal products. While the prices of domestic producers rose by 1.6%, import prices fell by 2.6%. In 2022, the average annualised inflation rate was +5.6%, while in 2021 it was +2.7%.

The Producer Price index registered falling prices compared with the previous month, in particular for petroleum products, basic metals and semi-finished metal products. In contrast, prices rose for builders' and interior joinery as well as scrap. Petroleum and natural gas, petroleum products and pharmaceutical preparations were responsible in particular for the decline in the Import Price index compared with November 2023. Prices also fell for basic metals and semi-finished metal products, passenger cars and food products.

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