Euro inflation rate in 2023: 10.05%

Inflation in 2023 and its effect on euro value

€1 in 2022 is equivalent in purchasing power to about €1.10 today. The euro had an average inflation rate of 10.05% in the last 12 months. As a result, the real value of a euro has been decreasing recently. Purchasing power decreased by 10.05% in 2023 compared to 2022. On average, you would have to spend 10.05% more money in 2023 than in 2022 for the same item.

This means that today's prices are 1.10 times as high as average prices since 2022, according to the European Central Bank consumer price index. A euro today only buys 90.909% of what it could buy back then.

The inflation rate in 2022 was 9.90%. The current inflation rate compared to last year is now 10.05%. If this number holds, €1 today will be equivalent in buying power to €1.10 next year.

Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 2023 is 131.86. It was 119.82 in the previous year, 2022. The difference in CPI between the years is used by the European Central Bank to officially determine inflation.

You may use the following MLA citation for this page: “Inflation Rate in 2023 | Euro Inflation Calculator.” Official Inflation Data, Alioth Finance, 28 Sep. 2023, https://www.officialdata.org/Euro-inflation-rate-in-2023.

Special thanks to QuickChart for their chart image API, which is used for chart downloads.

in2013dollars.com is a reference website maintained by the Official Data Foundation.

About the author

Ian Webster is an engineer and data expert based in San Mateo, California. He has worked for Google, NASA, and consulted for governments around the world on data pipelines and data analysis. Disappointed by the lack of clear resources on the impacts of inflation on economic indicators, Ian believes this website serves as a valuable public tool. Ian earned his degree in Computer Science from Dartmouth College.

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