Inflation European Union 2023
Average inflation: 6.4%
Current Inflation
Inflation is very high at 6.4%, far above the ECB target.
Peak and Trough
The highest inflation was in January at 10.0%. The lowest inflation was in November at 3.1%.
- Highest month
- January: 10.0%
- Lowest month
- November: 3.1%
- Difference
- 6.9 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Food and non-alcoholic beverages with an average of 12.9%. The lowest price increase was in Food and non-alcoholic beverages with an average of 12.9%.
- Highest increase
- Food and non-alcoholic beverages: 12.9%
- Lowest increase
- Food and non-alcoholic beverages: 12.9%
Historical Context
Current inflation is 2.3% higher than the 5-year average of 4.1%.
- 5-year average
- 4.1%
- 10-year average
- 2.5%
- All-time high (2022)
- 9.2%
- All-time low (2015)
- 0.1%
Trend
Inflation shows an upward trend. Compared to 2022, inflation has risen by -2.8 percentage point.
- Change vs. previous year
- -2.8 percentage points
- Largest monthly swing
- November: -8.0 percentage points
ECB Target
Inflation is 4.4% above the ECB target of 2.0%. This means purchasing power is declining faster than intended.
Purchasing Power
At this high inflation rate, purchasing power rapidly decreases. This has a major impact on households, especially without adequate salary increases.
What you could buy for €100 this year will cost approximately €106.40 next year at this inflation rate.
Multi-year trend
Monthly figures 2023
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2022 |
|---|---|---|
| January | 10.0% | +4.4 |
| February | 9.9% | +3.7 |
| March | 8.3% | +0.5 |
| April | 8.1% | 0.0 |
| May | 7.1% | -1.7 |
| June | 6.4% | -3.2 |
| July | 6.1% | -3.7 |
| August | 5.9% | -4.2 |
| September | 4.9% | -6.0 |
| October | 3.6% | -7.9 |
| November | 3.1% | -8.0 |
| December | 3.4% | -7.0 |
| Average | 6.4% |
Data source
Data from OECD. Last updated: 17/12/2025.