Luxembourg: Harmonized inflation remains stable in October

Harmonized inflation held steady at September’s 8.8% in October. This was primarily due to increasing prices for food and non-alcoholic beverages.

Annual average harmonized inflation rose to 8.0% in October (September: 7.7%). Meanwhile, consumer price inflation was stable, coming in at September’s 6.9% in October.

Lastly, harmonized consumer prices rose 1.22% from the previous month in October, accelerating from the 0.51% increase seen in September. October’s uptick was the highest reading since June.

FocusEconomics Consensus Forecast participants expect harmonized inflation to average 3.5% in 2023, which is up 0.1 percentage points from last month’s forecast, and 1.7% in 2024.