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.