The annual inflation rate in Luxembourg fell marginally to 3% in October, the EU’s official statistics agency Eurostat said on Friday in a flash estimate for the month in the eurozone.
Eurostat flash estimates give preliminary inflation data for euro area countries as soon as the previous month ends, whereas confirmed data released later includes a rate for both eurozone countries and the wider European Union.
Luxembourg’s annual inflation rate of 3%, down from 3.1% in September, put it about mid-way in the ranking of the 20 countries which make up the single currency area. Estonia had the highest annual inflation, at 4.5%, while Finland recorded the lowest, at 1.5%.
The Grand Duchy’s rate was well above that of its neighbours France (0.9%), Belgium (2.5%) and Germany (2.3%), and the eurozone average of 2.2%. The eurozone rate remains above the target rate of 2% set by the European Central Bank, which kept its deposit facility interest rate at 2% in its meeting on Thursday.
Increases in inflation across the eurozone in October were propelled by price rises in services (3.4%) and food, alcohol and tobacco (2.5%). The steepest rise in inflation was yet again – as has been the case for most of this year – in unprocessed foods, Eurostat noted.
Eurostat and Luxembourg’s official statistics agency, Statec, use slightly different methodologies to estimate inflation and as a result their readings vary. Statec estimated Luxembourg’s annual inflation rate at 2.7% in September, in data published earlier this month.
