Luxembourg Consumer Prices Fall For First Time Since 2009

(RTTNews) - Luxembourg's consumer price inflation moved to negative territory for the first time in five-and-a-half years in December, figures from the statistical office STATEC showed Wednesday.

The consumer price index fell 0.61 percent year-on-year in December, in contrast to a 0.07 percent mild increase in the previous month. A negative inflation rate has not been seen since July 2009, the agency said.

The decline of December's index was mainly influenced by the tumbling petroleum products prices. Oil prices dropped 6.8 percent annually during the month.

On a monthly basis, consumer prices dropped 0.61 percent in December, slower than November's 0.23 percent decline. It was the fourth consecutive monthly decline of prices.