According to the European Statistical Office Eurostat, Belgian inflation (on an annual basis) last month amounted to 3.8 percent. That is one of the most significant price increases within the eurozone. In some Member States the inflation rate is well below the European Central Bank’s (ECB) target of 2 percent.
In the news: Inflation in the eurozone was 2.4 percent in March, compared to 2.6 percent in May.
- Core inflation – which filters out erratic energy and food prices as well as alcohol prices – stood at 2.9 percent.
Details: Eurostat also calculates every month how much prices have risen in each Member State. The calculation method of the European Statistical Office may differ from that of the national statistical offices. That explains why there is usually a difference between the national and European inflation rates.
- According to Eurostat, consumer prices in our country increased by an average of 3.8 percent in March. This means that the European inflation rate is higher than that of Statbel. The Belgian statistical office calculated that prices have increased by 3.18 percent.
Noticed: Based on Eurostat’s inflation report, we can say that in few other member states of the monetary union, prices rose more sharply last month than in Belgium.
- Only in Croatia (+4.9%), Austria (+4.2%), Estonia (+4.1%), inflation reached even higher peaks.
- In other countries, inflation is below the ECB’s target. This is the case for Ireland (+1.7%), Cyprus (+1.6%), Italy (+1.3%), Latvia (+1%), Finland (+0.7%), Lithuania ( +0.3%).
- Belgian inflation was also lower in September (+0.7%), October (-1.7%), November (-0.8%), December (+0.5%) and January (+1.5%). below the ECB’s target. This was also the case for a while in June (+1.6%) and July (+1.7%).
- According to Eurostat’s calculation method, Belgian inflation will have peaked in October 2022. Consumer prices had then skyrocketed by as much as 13.1 percent. The energy crisis was the basis for that remarkable inflation figure.
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