Cityscape in Luxembourg

Luxembourg Inflation

Luxembourg Inflation

Inflation in Luxembourg

Harmonized consumer price inflation averaged 2.0% in the ten years to 2022, above the Euro Area regional average of 1.8%. The 2022 average figure was 8.2%. For more inflation information, visit our dedicated page.

Luxembourg Inflation Chart

Note: This chart displays Inflation (HICP, ann. var. %, aop) for Luxembourg from 2014 to 2023.
Source: STATEC.

Luxembourg Inflation Data

2018 2019 2020 2021 2022
Inflation (HICP, ann. var. %, aop) 2.0 1.6 0.0 3.5 8.2
Inflation (HICP, ann. var. %, eop) 1.9 1.8 -0.3 5.4 6.2
Inflation (PPI, ann. var. %, aop) 4.6 -1.9 -1.9 11.3 25.6

Harmonized inflation holds stable in November

Harmonized inflation came in at 2.1% in November, matching October’s figure and below the 2.4% Euro area average. Slower growth in prices for food and non-alcoholic beverages and recreation offsett stronger growth in prices for housing and utilities and a smaller decline in transport prices. Annual average harmonized inflation fell to 3.2% in November (October: 3.6%). Meanwhile, consumer price inflation fell to 3.0% in November, from the previous month's 3.2%. Finally, harmonized consumer prices eased 0.61% in November over the previous month, a sharper fall than October's 0.07% drop and marking the weakest reading since December 2022.

Consensus Forecasts and Projections for the next ten years

How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Luxembourg inflation projections for the next ten years from a panel of 10 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable inflation forecast available for Luxembourg inflation.

Download one of our sample reports to visualize what a Consensus Forecast is and see our Luxembourg inflation projections.

Want to get access to the full dataset of Luxembourg inflation forecasts? Send an email to info@focus-economics.com.

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