Austria’s Harmonised Index of Consumer Prices (HICP) fell into negative territory in January 2026, underscoring a sharp reversal in monthly inflation dynamics at the start of the year. Month-over-month, the HICP dropped by 0.8% in January, following a 0.5% increase in December 2025, according to data updated on 4 February 2026.
The move from positive to negative monthly inflation suggests a notable cooling in price pressures after the year-end rise. While December’s 0.5% gain reflected a buildup in prices compared with November, January’s -0.8% print indicates that consumer prices, on average, were lower than in the previous month. The figures are based on a month-over-month comparison, where the current reading reflects the change from December 2025 to January 2026, and the previous reading measured the change from November to December 2025.
This swing into negative territory will likely draw attention from market participants and policymakers tracking the trajectory of inflation in the euro area. Although additional context on the drivers of the decline is not provided, the January reading points to a renewed disinflationary impulse in Austria at the start of 2026.
