2023-07-05 11:25:44
Published5. July 2023, 01:25 PM
In Luxembourg: Inflation is falling but the next indexation is still scheduled for the end of the summer
LUXEMBOURG – In June, the annual inflation rate fell to 3.2% from 3.6% a month earlier. The next automatic wage indexation should occur as planned at the end of the third quarter or the beginning of the fourth.
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The third automatic wage indexation for the year 2023 should, as planned, take place at the end of the third quarter, or even at the beginning of the fourth quarter. “The annual inflation rate is down (3.2% in June against 3.6% in May) but this should not have an impact on our forecasts”, indicated Statec to The essential.
The consumer price index rose by 0.3% in June. This result is mainly due to the rebound in petroleum products and the rise in the prices of certain travel-related services. Prices excluding petroleum products increased by 0.2%.
Food prices up 11.4% year on year
The prices of petroleum products have indeed increased by 1.8% compared to May. Filling up with diesel and filling up with gasoline cost 2.7% and 1.8% respectively more than in May. The fuel oil bill increased by 4.6% compared to the previous month. However, if we compare them to the same month of 2022, the prices of petroleum products have generally fallen by 17.4%.
The prices of package travel and passenger transport by air rose by 7.7% and 10% respectively compared to May. Food prices continued their upward trend that began in October 2021 (+0.2% in June). The biggest increases were in fresh fish (+3.2%), olive oil (+4.1%) and potatoes (+1.8%). In annual comparison, food prices as a whole are 11.4% higher.
A few goods saw their prices fall in June, such as plants and flowers (-3.7%), men’s clothing (-0.4%) and small household and garden tools (-1 .4%). With regard to services, decreases were recorded for crèches and day centers for children (-0.7%) and hotels, motels and hostels (-1.5%).
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