Inflation in Austria is expected to come in at 6.9% in 2023 and to remain high in the medium term, the Austrian National Bank (OeNB) said on Wednesday.

The inflation rate is expected to come in at 4.0% in 2024 and 3.1% in 2025, according to the national bank's forecast.

"In 2023, inflationary pressure from energy prices is easing significantly. However, the inflation rate is increasingly determined by domestic price pressure, which also stems from the strong wage cost increases of the recent past," it said in a statement. (Reporting by Tristan Chabba, Editing by Rachel More)