© AFP Archivbild
Energy prices have risen sharply in the last year. The latest STATEC report provides evidence of this.
Despite the recent drop in fuel prices, energy remains much more expensive than a year ago. This, in part, triggered the wage indexation in October, which increased salaries by 2,5%.
Compared to November 2020, the prices of petroleum products have risen dramatically. The National Institute of Statistics and Economic Studies (STATEC) estimates the increase at +60%.
The trend is "particularly noticeable for heating oil", the average price of which has more than doubled over one year. On 19 November 2021, a litre of heating oil was sold at €0.781, compared to €0.398 on 14 November 2020.
Earlier this autumn, Eurostat estimated that Luxembourg was the European country where fuel prices increased the most: +31%. By way of comparison, this is the price evolution based on observations made directly at petrol stations between 14 November 2020 and 19 November 2021:
- Diesel: from €0.953 to €1.394
- SP95: from €1.06 to €1.526
- SP98: from €1.134 to €1.598
Of course these are not the only products affected by price increases. Expenditure on housing (+9.58%), transport (+9.39%), leisure (+3.54%), as well as hotels and restaurants (+2.85%) is also higher. "In a yearly comparison, food prices are 1.4% higher", STATEC reports. Airline tickets have also seen their prices shoot through the roof: +25.3% over one year.
If prices continue to increase at this rate, STATEC expects the next wage indexation to be triggered as early as spring 2022.