It should be noted that these figures refer to the rate of changes relative to the current level, not the annual percentage rate change. Thus, taking the difference between these intertemporal figures gives a 0.7 percent increase for three years relative to one year ahead and a 0.3 percent increase for five years relative to three years ahead.
According to preliminary data from the Federal Statistical Office, the Harmonised Index of Consumer Prices (HICP) was 11.6% higher in October than in the same month a year earlier. Inflation as measured by the HICP is set to exceed the 8.5% mark for full-year 2022. The annual average inflation rate for 2023 is also expected to be more than 7%.