Inflation reaches 7% with rising wages and fuel prices

Hand has a petrol fuel nozzle

Photo by: Franziska Kraufmann / dpa

According to the country’s statistics bureau, Luxembourg’s annual inflation rate rose from 6.1% last month to 7% as fuel prices continued to rise and the country’s living expenses began to rise.

Estimates are different from those calculated by EU statistical agencies. Prices faced by Luxembourg shoppers rose an estimated 9% in April. Luxembourg-based Eurostat said last week. According to Eurostat, consumer prices in the euro area rose 7.5% year-on-year.

Statec said consumer prices rose 0.8% between March and April, driven by fuel prices. Fuel prices have risen by nearly 60% compared to April 2021, according to the Statistics Bureau.

Other than fuel Last month, a wage index was launched in which salaries are adjusted as prices rise or fall. As a result, salaries and labor costs have increased, Statec said. Food prices have also risen 1.3% compared to March, Statec said.

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