Luxembourg Inflation December 2021

Luxembourg

Luxembourg: Inflation eases in December

January 7, 2022

Consumer prices fell 0.08% from the previous month in December, swinging from November’s 0.66% increase. The result was driven by falling prices for alcoholic beverages and tobacco, clothing and footwear, housing and utilities, and transport.

Consumer price inflation eased to 4.1% in December from November’s 4.5%. Meanwhile, harmonized inflation eased to 5.5% in December, down from November’s 6.3%. However, the trend pointed up, with annual average harmonized inflation coming in at 3.5% in December (November: 3.0%).

Looking to next year, analysts at the EIU added:

“We expect inflation to accelerate in 2022, to 3.7%, as supply-side pressures intensify owing to materials shortages and the Omicron variant.”

FocusEconomics Consensus Forecast panelists project harmonized inflation to average 2.2% in 2022. In 2023, they see harmonized inflation averaging 1.6%.


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Luxembourg Inflation December 2021

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


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