# 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.

 Average inflation rate 6.28% Converted amount€1 base €1.06 Price difference€1 base €0.06 CPI in 2022 119.323 CPI in 2023 126.812 Inflation in 2022 9.19% Inflation in 2023 6.28% €1 in 2022 €1.06 in 2023

Recent EUR inflation
Annual Rate, the European Central Bank CPI

## How to calculate inflation rate for €1, 2022 to 2023

Our calculations use the following inflation rate formula to calculate the change in value between 2022 and 2023:

CPI in 2023 CPI in 2022
×
2022 EUR value
=
2023 EUR value

Then plug in historical CPI values. The Euro CPI was 119.3225 in the year 2022 and 126.8118182 in 2023:

126.8118182119.3225
×
€1
=
€1.06

€1 in 2022 has the same "purchasing power" or "buying power" as €1.06 in 2023.

To get the total inflation rate for the 1 years between 2022 and 2023, we use the following formula:

CPI in 2023 - CPI in 2022CPI in 2022
×
100
=
Cumulative inflation rate (1 years)

Plugging in the values to this equation, we get:

126.8118182 - 119.3225119.3225
×
100
=
6%

## Data source & citation

Raw data for these calculations comes from the European Commission and the European Central Bank's Harmonized Index of Consumer prices (HICP), which is computed based on the reported consumer price indices in member countries of the European Union.

You may use the following MLA citation for this page: “Inflation Rate in 2023 | Euro Inflation Calculator.” Official Inflation Data, Alioth Finance, 1 Aug. 2024, https://www.officialdata.org/Euro-inflation-rate-in-2023.

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