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Austrian central bank raises 2022 inflation forecast -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO Austria’s Oesterreichische National Bank central bank building can be seen in Vienna (Austria), November 22, 2017. REUTERS/Heinz-Peter Bader

BERLIN (Reuters). Austria’s central banking (OeNB), said Wednesday that it expected inflation to increase in 2022 due to rising energy prices and supply chain bottlenecks, and then drop in 2023-2024.

OeNB released a statement saying that the consumer price indexes will be harmonised so they are comparable to data from other European Union member countries (HICP) and rise to 3.2% for 2022. This compares to 2.8% in 2020. Then, it is expected to fall to 2.3% to 2023 and then to 2.0% to 2024.

Inflation of 2.2% was the central bank’s forecast for September 2021.

OeNB reported that HICP inflation rose to 3.9% in Austria in 2021. This is the highest rate since 1999 when monetary union was established. Around two-thirds (or more) of the increase in Austrian inflation can be attributed directly to rising energy prices.

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