The annual inflation rate in the grand duchy for April 2024 stood at 2.4%, marking the first time in 31 months it has fallen below the 3% mark and the lowest in 33 months, as reported by the national statistics bureau, Statec, on Wednesday 8 May 2024. In monthly comparison, the 0.23% increase was slightly higher than the 0.21% recorded in March. Statec attributed this trend to an upward seasonal effect for travel expenses and the rise in petroleum product prices in April.

The index for petroleum products rose by 1.1% compared to March. Specifically, petrol was 4.4% more expensive than in March, while the price of diesel increased by 0.9%. The price of heating oil also rose by 0.2% compared to March, while natural gas prices saw a decline of 2.7%. Prices of oil-derived products in the index basket are 3.5% higher than in April 2023.

Statec noted that due to the Easter holidays, there was a seasonal fluctuation; airfare prices soared by 9.9% compared to March and package holiday prices increased by 6.2%.

Prices of food products decreased by 0.3% compared to March. The largest price decreases from the previous month were observed for fresh seafood (-5.7%), frozen fish (-3.2%), yoghurt (-3.1%) and cheese (-1.0%). However, prices of pork (+3.0%) and potatoes (+2.5%) increased compared to a month ago. Price hikes were also noted for beverages, including mineral water, which increased by 3.1%, alcohol-free beer by 7.7% and wine by 3.2% compared to the previous month. In annual comparison, food prices are up by 2.2% and alcoholic beverages by 3.8%.

The semi-annual average of the index adjusted to the base 1.1.1948 increased from 1000.72 to 1002.11. The next automatic wage indexation will be triggered when the value of 1013.46 is reached, stated the press release.