Inflation Forecast for 2025 and 2026

Compared to the June 2025 forecast, this represents an upward revision of +0.6 percentage points for 2025, which is mainly due to the (significantly) higher realisations for the months of June to August.

For 2026, the upward revision (+0.2 percentage points) is due to a carry-over effect from the higher rates of change in the second half of 2025 and from the already announced (federal government, City of Vienna) or still expected stronger price increases in the public sector (administered prices) by other public authorities.

Core inflation (consumer price index excluding food, alcohol, tobacco and energy) will be slightly lower (+3.3 percent) than headline inflation due to the comparatively low price increases for industrial goods in 2025.