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Luxembourg and eurozone inflation rates sink
Inflation

Luxembourg and eurozone inflation rates sink

by Yannick HANSEN 30.11.2022
Annual inflation was 7.3% in November in Luxembourg, down by 1.5 percentage points compared to the previous month's annual rate
Annual inflation was 7.3% in November in Luxembourg
Annual inflation was 7.3% in November in Luxembourg
Photo credit: Marc Wilwert

Inflation in the eurozone has fallen for the first time in 17 months, reaching an annual rate of 10% in November, down from 10.6% the previous month, as energy prices rose less quickly, the EU's statistics agency Eurostat said on Wednesday.

Luxembourg's annual inflation rate stood at 7.3% in November - the fourth-lowest in the club of 19 countries that use the euro currency, according to data released by Eurostat.

The Grand Duchy's annual rate has shrunk by 1.5 percentage points compared to the previous month, also the third-largest drop in the eurozone behind the Netherlands and Belgium.

Price growth fell in 14 of the 19 euro area countries, increasing in only three and flatlining in two. France had the lowest inflation rate at 7.1% and Latvia the highest at 21.7%, according to Eurostat.

Luxembourg put together an energy aid package that will see the state freeze the price of gas and electricity, a measure that the national statistics agency says will keep inflation at 2.8% next year.

Energy price rises, which drove overall inflation, were down in November at 35% from 41.5% in October. This outweighed a slight rise in food, alcohol and tobacco inflation to 13.6%, from 12.4%.


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