In Luxembourg, the annual inflation rate with respect to the Harmonised Index of Consumer Prices (HICP) is estimated to have reached 9.1% in May 2022, according to a flash estimate by European statistics agency Eurostat.
Several European Union (EU) Members States are also experiencing acute inflation rates, with Estonia reporting an estimated inflation rate of 20.1% in May 2022 (the highest in the EU), closely followed by Lithuania (18.5%) and Latvia (16.4%).
Luxembourg neighbouring countries Belgium and Germany reported estimated inflation rates of 9.9% and 8.7% inflation, respectively. This represents a similar progression to that of Luxembourg. The exception was France, which also reported a quite high inflation rate of 5.8% in May 2022, but this was relatively lower than those of Luxembourg, Belgium and Germany.
Luxembourg's official annual inflation for May 2022 will be published by the national statistics agency Statec on Wednesday 8 June 2022, in accordance to the national consumer price index (indice des prix à la consommation national - IPCN), which is the consumption on national territory by Luxembourg households. On the other hand, HICP accounts for total consumption on the national territory, including that of non-residents.
For April 2022, Statec reported an inflation rate of 7.0% for Luxembourg, up from 6.1% the previous month, attributing the increase in fuel prices as the main contributor to the rising inflation rates.
In May 2022, prices were up 9.9% for petrol (Super Unleaded 95) and down 2.4% for diesel compared to the previous month, and up 49.1% and up 52.6% compared to May 2021, respectively. As on 31 May 2022, Super Unleaded 95 petrol and diesel were quoted as €1.916 per litre and €1.796 per litre, respectively. Prices include VAT.
