Luxembourg: Retail sales expand at quickest pace since May in November
Retail sales grew 3.3% year-on-year in November (October: +0.3% yoy). November’s print marked the best result since May and came on the back of surging fuel sales. Food sales contracted at a softer rate in November, while sales of household equipment contracted at a stronger pace.
Meanwhile, the trend improved, with the annual average growth of retail sales coming in at 6.9% in November, up from October’s 6.5% reading.
Analysts at the EIU added:
“Double-digit year-on-year increases in energy prices are likely to continue throughout the winter, feeding into consumer price inflation and weighing on purchasing power.”