Euro inflation rate in 2023: 6.28%

Inflation in 2023 and its effect on euro value

€1 in 2022 is equivalent in purchasing power to about €1.06 in 2023. The euro had an average inflation rate of 6.28% per year between 2022 and 2023, producing a cumulative price increase of 6.28%. Purchasing power decreased by 6.28% in 2023 compared to 2022. On average, you would have to spend 6.28% more money in 2023 than in 2022 for the same item.

This means that prices in 2023 are 1.06 times as high as average prices since 2022, according to the European Central Bank consumer price index.

The inflation rate in 2022 was 9.19%. The inflation rate in 2023 was 6.28%.

Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 2023 was 126.81. It was 119.32 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, 15 Dec. 2024, 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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