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Belgium Inflation January 2023

Belgium: Harmonized inflation declines to lowest level since December 2021 in January

Harmonized inflation came in at 7.4% in January, which was down from December’s 10.2%. January’s result represented the lowest inflation rate since December 2021. The decline was driven by moderating price pressures for transportation and housing and utilities. Moreover, prices for recreation grew at a more subdued pace.

Annual average harmonized inflation fell to 10.2% in January (December: 10.3%). Meanwhile, consumer price inflation fell to 8.0% in January, from the previous month’s 10.4%.

Finally, harmonized consumer prices fell 1.64% over the previous month in January, coming in below the 0.23% drop seen in December. January’s result marked the weakest reading since January 2016.

Inflation is forecast to soften this year on the back of a tougher base effect and lower energy prices. That said, the automatic wage indexation mechanism will put upside pressure on core inflation: the latter rose to 8.2% in January from 7.1% in December.

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