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Belgium Inflation October 2023

Belgium: Harmonized prices record biggest fall since July 2009 in October

Harmonized prices fell 1.7% year on year in October, contrasting September’s 0.7% increase. October’s figure marked the largest fall in harmonized prices since July 2009 and was the lowest in the euro area. Looking at the details of the release, prices for food and non-alcoholic beverages and transportation grew at a softer rate in October.Meanwhile, housing and utilities prices contracted at a more pronounced pace.

Annual average harmonized inflation fell to 4.0% in October (September: 5.2%). Meanwhile, consumer price inflation fell to 0.4% in October, from September’s 2.4%.

Lastly, harmonized consumer prices rose 0.33% in October over the previous month, swinging from September’s 0.37% fall.

On the outlook for inflation, analysts at EIU commented:

“We expect inflation to remain high in 2024 after averaging an estimated 2.6% in 2023. […] 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. However, the wage indexation system operating in Belgium will prevent inflation from slowing more noticeably.”

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