Luxembourg: Harmonized consumer prices fall at sharpest pace on record in May
June 8, 2020
Consumer prices fell a seasonally-adjusted 0.2% over the previous month in May, coming in below April's 0.1% drop. May’s reading largely reflected falling prices for alcoholic beverages and tobacco, as well as for housing and utilities.
Inflation dropped to 0.2%, from 0.6% in April. Meanwhile, harmonized consumer prices declined 1.6% year-on-year in May, a larger decrease compared to April’s 0.8% drop and the steepest fall on record. Lastly, annual average inflation fell to 1.3% in May (April: 1.5%).
Author: Hanna Andersson, Economist