According to Luxembourg's statistical institute, STATEC, the annual rate of inflation in the Grand Duchy stood at 5.9% in November 2022, down from 6.9% the previous month.
In November 2022, the national consumer price index, calculated by STATEC, posted a monthly decrease of 0.2%, which is explained by the sharp fall in petroleum product prices by 4.8% over one month, associated with a drop in travel costs.
At the pump, motorists had to pay 7.4% less for a litre of diesel and 1.7% less for a litre of petrol compared to the previous month. Similarly, heating oil bills fell by 15.5%. According to STATEC, this decrease is partly explained by the increase in the government subsidy from 7.5 to 15 cents per litre (including tax) from 1 November 2022 . Despite this drop compared to the month before, the prices of black gold derivatives in the index basket were 20.9% higher than in November 2021.
The entry into force of the law on free non-formal education had already moderated the index for October and its effects were also visible in the index for November. Since the start of the 2022-2023 school year, reception in non-formal education structures (such as daycare facilities) during the school weeks has been free for children enrolled in primary education. This reform translates into a 4.6% reduction in the average rates for this type of service. Free midday meals in education and care structures during school weeks, also in effect since the start of the school year, have reduced the position of the index relating to canteens by 12.4% over one month.
Decreasing inflation in November 2022 was also influenced by a seasonal variation in relation to package travel. Travellers paid 26.7% less for their stays and airline ticket prices fell by an average of 5.3% compared to October 2022.
Food prices increase by 0.2% over one month. Flour and other cereals (+3.0%), cheese (+2.4%) and fresh fruit (+2.1%) weighed the most on this trend. On the other hand, the price of fresh vegetables (-7.8%) and fresh fish (-2.8%) decreased. Food prices were 10.7% higher compared to the same period one year earlier.
In November 2022, the annual inflation rate stood at 5.9% (compared to 6.9% a month earlier) and the annual core inflation rate lost 0.2 points to stand at 4.9%. The general index for the month of November, expressed in base 100 in 2015, amounted to 117.78 points. The half-yearly average of the index connected to the 1.1.1948 base rose from 960.72 to 963.34 points. The next wage indexation will be triggered when the value of 964.64 is reached.
