Luxembourg Inflation May 2020

Luxembourg

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%).

FocusEconomics Consensus Forecast panelists project harmonized inflation to average 0.2% in 2020, which is down 0.1 percentage points from last month’s estimate. In 2021, they see harmonized inflation averaging 1.6%.


Author:, Economist

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Luxembourg Inflation May 20 20

Note: Month-on-month and year-on-year variation of consumer prices in %.
Source: Statistical Office of Luxembourg (STATEC)


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