Luxembourg Inflation May 2022

Luxembourg

Luxembourg: Harmonized inflation comes in at highest level since records began in May

June 10, 2022

Consumer prices rose 0.13% in May over the previous month, which was below April's 0.82% rise. May's result marked the weakest reading since January. The moderation was largely due to slower growth in prices for food and non-alcoholic beverages. In addition, price pressures for housing and utilities dropped after growing in the previous month. Moreover, prices for recreation and culture grew at a more subdued pace.

Harmonized inflation came in at 9.1% in May, up from April’s 9.0%. May's figure marked the highest inflation rate since records began. Annual average harmonized inflation rose to 4.3% in May (April: 4.0%). Finally, consumer price inflation edged down to 6.8% in May, from the previous month's 7.0%.

Analysts at the EIU added:

“We expect inflation to accelerate in 2022, to 8.2%, as supply-side pressures intensify owing to materials shortages and the rising cost of fuel. Average inflation in 202223, at 6.9%, will be slightly higher in Luxembourg than in the euro zone (4.5%), driven largely by high energy prices.”

FocusEconomics Consensus Forecast panelists project harmonized inflation to average 5.5% in 2022. In 2023, they see harmonized inflation averaging 2.1%.


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Luxembourg Inflation May 2022

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


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