Luxembourg Inflation March 2022

Luxembourg

Luxembourg: Inflation eases in March

April 8, 2022

Consumer prices rose 1.00% from the previous month in February, down from February’s 2.18% increase. The print reflected a drop in recreation and culture prices, partly offsetting a strong increase in transport prices, with fuels and lubricant for personal transport equipment skyrocketing.

Consumer price inflation eased to 6.1% in March from 6.6% in February. Meanwhile, harmonized inflation rose to 7.9% in March from 7.8% in February. However, the trend pointed up, with annual average harmonized inflation coming in at 4.9% in March (February: 4.6%).

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 3.9% in 2022. In 2023, they see harmonized inflation averaging 1.9%.


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Luxembourg Inflation March 2022

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


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