Press release: 12.261-101/20

Inflation decreased to 0.7% in May 2020 (HICP: 0.6%)

Vienna, 2020-06-17 – In May 2020, the inflation rate was 0.7%, as Statistics Austria reports (April 2020: 1.5%). Significantly lower prices for fuels were mainly responsible for the decrease of the May inflation rate. Moreover, the price increases for food diminished and garments became cheaper. "Housing, water and energy" (+2.2% compared to May 2019) remained the most important price driver. The index level of the consumer price index 2015 (CPI 2015) was 107.4 in May 2020. Compared to the previous month, the average price level decreased by 0.6%.

Also in May, COVID-19 lockdown measures had a considerable impact on the calculation of the inflation rate. The price surveys for the consumer price index were still changed from in-store collection to other methods like the use of scanner data. In contrast to April, prices were hardly collected online any more. Where necessary, imputation methods like seasonal imputation, all items imputation or carry-forward were applied; this affected about 17.5% of the weight of the basket of goods and services. For further in-depth explanation of the general principles and applied computation rules, please refer to the methodological information note on the compilation of the CPI in the context of COVID-19.

The index level of the harmonised index of consumer prices (HICP 2015) was 107.82 in May 2020, with the harmonised inflation rate at 0.6%.

For more detailed information please refer to the German version.