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Financial News: Luxembourg GDP Growth Improves; Inflation At 10-Month Low

Luxembourg GDP Growth Improves; Inflation At 10-Month Low

12/07/2022 - 08:46:00 (RTTNews)

(RTTNews) - Luxembourg's economy expanded at an accelerated pace in the third quarter, while consumer price inflation eased further to the lowest level in nearly a year in November amid a slowdown in petroleum prices, separate reports from the statistical office showed on Wednesday.

The gross domestic product advanced 3.0 percent year-over-year in the September quarter, faster than the 1.7 percent rise in the June quarter.

On the expenditure side, the final consumption expenditure of households grew 1.4 percent from last year and that of the general government rose by 1.6 percent.

At the same time, gross capital formation logged negative growth of 1.3 percent. Both exports and imports dropped 0.2 percent and 0.4 percent, respectively.

On a quarterly basis, GDP rebounded 1.1 percent from the second quarter, when it fell by 0.5 percent.

Separate data showed that consumer price inflation eased to 5.94 percent in November from 6.85 percent in October.

Further, this was the slowest inflation rate since the start of the year, when prices had risen 3.58 percent.

Prices for food and non-alcoholic beverages alone grew 10.43 annually in November. Transport costs were 8.14 percent more expensive, but below the 10.56 percent surge in the previous month.

On a monthly basis, consumer prices dropped 0.2 percent in November, linked to a sharp fall in prices of petroleum products, partly influenced by the increase in government subsidies.

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