Inflation Luxembourg 2023
Average inflation: 3.7%
Current Inflation
Inflation is high at 3.7%, well above the ECB target.
Peak and Trough
The highest inflation was in January at 4.8%. The lowest inflation was in November at 3.0%.
- Highest month
- January: 4.8%
- Lowest month
- November: 3.0%
- Difference
- 1.8 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Food and non-alcoholic beverages with an average of 10.5%. The lowest price increase was in Communication with an average of -1.3%.
- Highest increase
- Food and non-alcoholic beverages: 10.5%
- Lowest increase
- Communication: -1.3%
Historical Context
Current inflation is 0.7% higher than the 5-year average of 3.0%.
- 5-year average
- 3%
- 10-year average
- 2%
- All-time high (2022)
- 6.4%
- All-time low (2016)
- 0.3%
Trend
Inflation shows an upward trend. Compared to 2022, inflation has risen by -2.7 percentage point.
- Change vs. previous year
- -2.7 percentage points
- Largest monthly swing
- June: -4.2 percentage points
ECB Target
Inflation is 1.7% above the ECB target of 2.0%. This means purchasing power is declining faster than intended.
Purchasing Power
At this inflation rate, purchasing power noticeably decreases. Without a salary increase, you can buy less with the same money.
What you could buy for €100 this year will cost approximately €103.70 next year at this inflation rate.
Multi-year trend
Monthly figures 2023
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2022 |
|---|---|---|
| January | 4.8% | +1.2 |
| February | 4.3% | -2.3 |
| March | 3.6% | -2.5 |
| April | 3.7% | -3.3 |
| May | 3.6% | -3.2 |
| June | 3.2% | -4.2 |
| July | 3.7% | -3.1 |
| August | 4.2% | -2.6 |
| September | 4.1% | -2.8 |
| October | 3.2% | -3.7 |
| November | 3.0% | -2.9 |
| December | 3.5% | -1.9 |
| Average | 3.7% |
Data source
Data from OECD. Last updated: 13/01/2026.