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Belgium Inflation January 2024

Belgium: Harmonized inflation comes in at highest level since August 2023 in January

Harmonized inflation increased to 1.5% in January, following December’s 0.5%. January’s reading represented the highest inflation rate since August 2023. The result was primarily driven by softer growth in prices for food and non-alcoholic beverages. In addition, price pressures for transportation moderated. Moreover, prices for recreation grew at a more subdued pace.

The trend pointed down, with annual average harmonized inflation coming in at 1.8% in January (December: 2.3%). Meanwhile, consumer price inflation rose to 1.8% in January, from the previous month’s 1.4%.

Finally, harmonized consumer prices fell 0.73% in January over the previous month, swinging from December’s 1.11% increase. January’s result marked the weakest reading since April 2023.

Commenting on the outlook for inflation, ING’s Philippe Ledent stated:

“While inflation rates in Belgium are now below the Eurozone’s average, this is only a temporary phenomenon. As a matter of fact, energy price trends have a stronger than average impact on the country’s inflation. However, the favourable energy base effect will peter out in the course of the year.”

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