Luxembourg Inflation May 2021

Luxembourg

Luxembourg: Inflation comes in at highest level since September 2008 in May

June 10, 2021

Harmonized consumer prices increased 0.29% in May over the previous month, accelerating from the 0.05% rise logged in April. Looking at the details of the release, housing and utilities prices rose at a quicker pace in May compared to the previous month and price pressures for transportation picked up pace.

Inflation came in at 4.0% in May, up from April’s 3.3%. May's result represented the highest inflation rate since September 2008. Annual average inflation ticked up to 1.1% in May (April: 0.9%). Lastly, inflation rose to 2.5% in May, from April’s 2.1%.

FocusEconomics Consensus Forecast panelists project harmonized inflation to average 1.7% in 2021, which is up 0.5 percentage points from last month’s estimate. In 2022, they see harmonized inflation averaging 1.3%.


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Luxembourg Inflation May 2021

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


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