Luxembourg Inflation June 2022

Luxembourg

Luxembourg: Inflation rises further in June

July 6, 2022

Consumer prices rose 0.76% month on month in June, up from May’s 0.13% increase. The print reflected stronger price growth for food and non-alcoholic beverages, recreation and culture, housing, water, electricity, gas and other fuels. Moreover, transport prices jumped.

Inflation, meanwhile, rose to 7.4% in June (May: 6.8%). This marked the highest print since at least January 1996. Annual average inflation rose to 4.8% in June, from May’s 4.3%. Finally, harmonized consumer price inflation rose to a series-high 10.3% in June (May: 9.1%).

Analysts at the EIU added:

“Ongoing supply-chain issues and high energy prices in Europe contributed to price growth. We expect inflation to accelerate in 2022, to 8.2%, as supply-side pressures intensify owing to materials shortages and the rising cost of fuel.”

FocusEconomics Consensus Forecast panelists project harmonized inflation to average 7.1% in 2022. In 2023, they see harmonized inflation averaging 2.8%.


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Luxembourg Inflation June 2022

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


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