Luxembourg’s Annual inflation rate down from 7.4% to 6.7% in July
Luxembourg’s annual inflation rate eased to 6.7 percent in July of 2022 from a record-high of 7.4 percent in the previous month, marking the slowest rise in consumer prices since March.
Prices decelerated for housing and utilities (8.9 percent vs 9.9 percent in June) and transportation (12.4 percent vs 15.1 percent), amid a sharp decline in inflation of petrol products (43.6 percent vs 56.3 percent). On the other hand, prices continued to rise faster for food and non-alcoholic beverages (7.5 percent vs 6.8 percent), furnishings and household maintenance (6.7 percent vs 6.3 percent) and hotels and restaurants (7 percent vs 6.4 percent).
On a monthly basis, consumer prices dropped by 1 percent, the first decline since December 2021 and the sharpest since 2016.
