Luxembourg Inflation July 2021

Luxembourg

Luxembourg: Inflation eases in July

August 5, 2021

Harmonized consumer prices dropped 0.40% in July over the previous month, swinging from the 0.30% rise logged in June. This was due to seasonal sales during the month.

Harmonized inflation came in at 3.3% in July, down from May’s 3.4%. Annual average harmonized inflation ticked up from 1.0% in June to 1.3% in July. Lastly, inflation eased rose from 2.2% in June to 2.3% in July.

Analysts at the EIU added:

“In 2021 we expect inflation to spike to an average of 3.2%, after slowing to 0% in 2020, as consumer demand recovers and oil prices increase. In 2022 we expect inflation to average 1.7% as oil prices rise further. Inflation will remain modestly higher than the euro zone average of 1.4% in 2021-22.”

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 July 2021 0

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


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