Inflation G20 2023
Average inflation: 6.6%
Current Inflation
Inflation is very high at 6.6%, far above the ECB target.
Peak and Trough
The highest inflation was in January at 8.4%. The lowest inflation was in June at 5.6%.
- Highest month
- January: 8.4%
- Lowest month
- June: 5.6%
- Difference
- 2.8 percentage points
- Months with data
- 12 of 12
Historical Context
Current inflation is 1.5% higher than the 5-year average of 5.1%.
- 5-year average
- 5.1%
- 10-year average
- 3.8%
- All-time high (2022)
- 8.5%
- All-time low (2009)
- 2%
Trend
Inflation shows an upward trend. Compared to 2022, inflation has risen by -1.9 percentage point.
- Change vs. previous year
- -1.9 percentage points
- Largest monthly swing
- June: -3.6 percentage points
ECB Target
Inflation is 4.6% 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 106.60 next year at this inflation rate.
Multi-year trend
Monthly figures 2023
Month overview
| Month | Inflation | Difference vs. 2022 |
|---|---|---|
| January | 8.4% | +2.0 |
| February | 8.0% | +1.2 |
| March | 6.9% | -1.0 |
| April | 6.5% | -2.0 |
| May | 5.9% | -2.9 |
| June | 5.6% | -3.6 |
| July | 5.9% | -3.3 |
| August | 6.5% | -2.7 |
| September | 6.3% | -3.2 |
| October | 5.9% | -3.5 |
| November | 6.0% | -3.0 |
| December | 6.8% | -1.7 |
| Average | 6.6% |
Data source
Data from OECD. Last updated: 04/08/2026.