Belgium city from above

Belgium Inflation August 2023

Belgium: Harmonized inflation rises in August

Harmonized inflation increased to 2.4% in August from July’s 1.7%. August’s figure was well below the 5.2% Euro area average and positioned Belgium as the country with the lowest inflation rate in the Euro area. Looking at the details of the release, price pressures for transportation picked up pace in August, while housing and utilities prices fell at a more moderate pace.

The trend pointed down, with annual average harmonized inflation coming in at 6.2% in August (July: 6.8%). Meanwhile, consumer price inflation was steady, coming in at July’s 4.1% in August.

Lastly, harmonized consumer prices rose 2.53% in August over the previous month, contrasting the 0.59% drop recorded in July. August’s result was the highest since October 2022.

Analysts at the EIU commented:

“Inflation will average 3.2% in 2023, down from 10.3% in 2022, in line with lower energy prices and depressed consumer spending. Natural gas makes up about 25% of Belgium’s energy mix. Energy prices for households will benefit from a fall in European gas prices from their peak in September 2022 amid healthy gas storage levels in Europe. Tighter monetary policy will also help to curtail core inflation, which has been high partly owing to the wage indexation system operating in Belgium.”

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest