The Luxury Consumer Price Index was up 1.52 percent last year, the smallest gain in seven years, as China's economic growth slowed and the government cracked down on corruption, according to the leading luxury Hurun Report, released on Thursday.

"Driven by high demand, prices of luxury products soared in the past few years. But growth was almost suspended last year, mainly due to the slower economic growth rate and the central government's crackdown on extravagance and corruption," said Rupert Hoogewerf, founder and chief researcher of the report.

Among nine major categories including luxury property, vehicles, watches and jewels, tobacco and alcohol, education and tourism, prices of high-end tobacco and alcohol slumped the most in 2012, falling by 1.85 percent after having risen 7.84 percent in 2011.