Luxembourg’s annualised inflation rate is likely to stand at 0.9% at the end of October, according to early data released Thursday by EU statistics agency Eurostat.
Inflation in the Grand Duchy has risen 0.1 percentage points between months, from 0.8% in September, which is below the European Central Bank target rate of 2%. The rate should be confirmed when October’s final inflation data is released on 19 November.
Luxembourg’s annual inflation rate dipped below 2% in August after reaching peaks of over 10% in mid-2022 and 3.5% in August 2023.
Across the eurozone, the preliminary October inflation rate stands at 2% – up from 1.7% in September.
The lead driver of eurozone inflation in October was the services sector, where prices rose 3.9% in the past 12 months. Unprocessed food is 3% pricier, and processed food, alcohol and tobacco are up 2.9%. Energy prices dropped 4.6% since October 2023.
Luxembourg’s statistics agency, Statec, will release its own October inflation data on 6 November, using a slightly different methodology to Eurostat.
Also read:Luxembourg inflation takes big dive
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Publish date : 2024-10-31 03:54:00
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