The annualised rate of inflation has slowed for the third consecutive month, according to figures released Friday by Luxembourg’s national statistics bureau.

Statec reported that consumer prices rose 2.3% in December, compared to 2.5% in November and 2.9% in October. Inflation had hovered between 2.7 and 3% during most of the year.

Prices for package holidays shrank 3.7% between November and December of last year, while fruit was 3.6% cheaper and the cost of dining out only inched up two-tenths of a percent.

Lower petroleum costs were responsible for much of the reduced pace of price hikes during the fourth quarter, having dropped 1.4% alone between November and December 2012. However, oil products were still 3.9% higher than in December 2011, the agency noted.

Outlays for food, electricity, tobacco and clothing all rose more than 3% compared to the year before, while communication services, electronics and pharmaceutical products were cheaper than in December 2011.

Persistent inflation of 2.5% or higher triggers automatic wage increases under Luxembourg’s indexation system.

Consumer prices across the 17-country euro zone was 2.2% in December 2012, according to a preliminary estimate by EU statistics agency Eurostat, also released on Friday.