Austrian national bank revises up 2022 inflation forecast to 8.5%

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For 2022, the bank now sees the consumer price index

Staff Writer, Reuters News

October 14, 2022

PHOTO
An employee of GSA Austria (Money Service Austria) stacks wads of 500 euro banknotes at the company's headquarters in Vienna July 22, 2013. The GSA delivers new and collects old currency for the Austrian National Bank. REUTERS/Leonhard Foeger (AUSTRIA - Tags: POLITICS BUSINESS) - RTX11V1S

Austria's OeNB national bank revised up its inflation forecasts for 2022 through 2024 on Friday, citing higher energy prices and labour costs.

For 2022, the bank now sees the consumer price index, harmonised to make it comparable with inflation data from other European Union countries (HICP), at 8.5%.

Inflation is expected to be at 6.4% in 2023 and 3.7% in 2024, the bank said its latest forecast. (Writing by Miranda Murray, editing by Rachel More)

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