July 2023 inflation figures Annual inflation in Luxembourg this July was back at 2%, mirroring the figures observed in May 2023 when it had the lowest inflation rate in the EU.

The countries with the lowest annual rates were Belgium (1.7%), followed by Luxembourg and then Spain (2.1%). Conversely, Hungary (17.5%) had the highest rate, while Slovakia and Poland both shared a rate of 10.3%.

Compared to July 2022, when inflation was at 9.3% in Luxembourg, the current rate aligns with the European Central Bank’s 2% target.

Inflation in Luxembourg well below the EU average

The annual inflation rates in the eurozone and the European Union have also been on the decline. The former stood at 5.3% in July 2023, down from 8.9% a year prior and 5.5% the previous month. Similarly, the EU’s inflation rate has decreased to 6.1% compared to 9.8% last year.

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