Belgium: Harmonized inflation increases in June
Latest reading: Harmonized inflation came in at 2.9% in June, ticking up from May’s 2.8% and moving further above the ECB’s 2.0% target. The uptick was due to rising price pressures for food and non-alcoholic beverages, hospitality, and recreation. In addition, prices for transportation fell at a less pronounced rate.
The trend pointed down slightly, with annual average harmonized inflation coming in at 4.1% in June (May: 4.3%). Meanwhile, consumer price inflation ticked up to 2.1% in June from May’s 2.0%.
Finally, harmonized consumer prices increased 0.48% in June over the previous month, contrasting May’s 0.09% drop. June’s figure marked the highest reading since February.
Outlook: Our panelists project inflation to ease from current levels through the remainder of 2025 and into 2026, primarily due to lower crude prices—due to excess supply in the oil market—along with subdued economic growth and a relatively strong euro amid the U.S.’s erratic trade policy. Nevertheless, inflation in the services sector is forecast to remain more persistent, driven mainly by rising wages and elevated costs.