According to a recent report by STATEC the country’s prices are recovering slowly from their decrease during the winter sales.
Following the decline in January regarding the winter sales, the consumer price index in Luxembourg is showing a slow recovery with a 1.3% increase in February, according to STATEC, the national statistics office in Luxembourg.
Ignoring the impact of the winter sales, the underlying trend showed a 0.1% recovery compared to January, with the annual inflation rate low but stable. The current index is at 826.76 points (base 1 January 1948), down from 827.50 points.
The February change was affected by indicators such as the winter sales in Clothing and footwear (+20.5%), also Entertainment and culture (+1.9%) and Furnishings, household equipment and routine house maintenance (+1.7%).
The price of oil is showing a further decline of 2.1% per month; compared to January the price of heating oil in February fell by 4.8%. For motorists the price for petrol became cheaper by 3.4% compared to the 1.7% drop for diesel. The price of oil is lower by 15.3% compared to the same month in 2015, with the gap rising to nearly 35% for heating oil. Air travel costs rose by 11% in February, with overall travel costs up 4.8% (school holidays around Carnival) and the cost of plants and flowers rose by 4.7% (ref St Valentine).
Image from STATEC.
