Luxembourg still amongst lowest inflation rates in EU

Prices rose in Luxembourg last month by 6.2%, the lowest year-over-year inflation rate in the EU except Spain, statistics agency Eurostat said on Wednesday.

The Grand Duchy's inflation rate estimated by the EU's Luxembourg-based statistics agency is higher than December's 5.4% rise reported by national statistics agency Statec due to Eurostat's different method for measuring consumer prices. The pace of price increases slowed in December due to sharp falls in petrol and diesel prices, Statec said.

The EU's lowest inflation rates rates were in Spain (5.5%), Luxembourg (6.2%) and France (6.7%), Eurostat reported.

The highest price rises in the EU were in Hungary (25%), Latvia (20.7%) and Lithuania (20%). Compared with November, annual inflation fell in 22 member states.

Inflation across the 20 countries that use the euro currency fell to 9.2% in December from 10.1% in November, Eurostat said. A year earlier, the rate was 5%. 

The highest contribution to the euro-area's inflation rate in December came from food, alcohol & tobacco, followed by energy, services, and non-energy industrial goods, Eurostat said.

Food prices in Luxembourg inched up by 0.5% in December compared to November, national statistic agency Statec said earlier this month. The cost of food last month was 11% higher compared to December 2021.

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