A report released yesterday by STATEC has revealed that the annual inflation rate of Luxembourg rose from 0.5% to 0.8% for the month of November 2015.
The statistics portal reported that consumer prices last month were sluggish. The prices of petrol were found to be slightly higher after five months of consecutive falls, up 0.2% compared with October. At the pump, motorists have to pay 1.6%, 0.5% more for a tank of gas or diesel. By contrast, prices for heating oil have continued to plummet and in November cost 2.0% less than a month earlier and 27.1% less than a year ago. Despite the slight recovery recorded for fiel in November, oil prices still remain lower by 13.1% compared to the same month of 2014.
Excluding petroleum products, the overall prices of goods and services were found to be at a halt, with STATEC declaring a growth rate of only 0.06% compared to October. However, certain individual prices were found to have risen and fallen.
Prices of package holidays by air were up 1.4%, as were sports and recreational services, whilst diesel cars grew 0.2% compared with the previous month. Certain food products, such as meat and fish, experienced a similar rise of 0.2%, whilst beer and fresh fruit saw declines of 1.3% and 1.0%, respectively. Transport by air felt the largest price fall of -12.4%, whilst books decreased 1.4%.
The underlying inflation rate has been on an upward trajectory since the beginning of the year, returned from 1.7% to 1.8% annual rate. The annual inflation rate grew from 0.5% to 0.8%, largely due to the fact that between October and November of last year prices had fallen by 0.2%, whilst this year they increased by 0.1%.
Photo by STATEC
