Austria's EU-harmonised inflation rate is to hit 7.8% this year before falling to 4.3% in 2024 and 3.1% in 2025, the country's national bank said on Wednesday.

"The delayed pass-through of wholesale price declines in household energy to end consumers and the strong inflation in services are the main reasons for the continued high inflation," said the Austrian National Bank's governor, Robert Holzmann. (Writing by Miranda Murray, Editing by Rachel More)