Luxembourg Inflation February 2022

Luxembourg

Luxembourg: Inflation eases in January

March 22, 2022

Consumer prices rose 0.2.18% from the previous month in February, up from January’s 0.12% decrease. The result was driven by steep increases in the prices for furnishing, household equipment and maintenance, and recreation and culture. On the other hand, food and transport prices rose at a softer pace.

Consumer price inflation jumped to 6.6% in February from 3.6% in January. Meanwhile, harmonized inflation jumped to 7.8% in February from 4.6% in January. However, the trend pointed up, with annual average harmonized inflation coming in at 4.5% in February (January: 3.8%).

Looking to next year, analysts at the EIU added:

“We expect inflation to accelerate in 2022, to 3.8%, as supply-side pressures intensify owing to materials shortages. Average inflation in 202223, at 2.8%, will be slightly higher in Luxembourg than in the euro zone (2.4%).”

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 February 2022

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


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