Belgium: Inflation rises above 3 percent again

In August, inflation fell below 3 percent for the first time since January to stand at 2.86 percent. The European Central Bank’s monetary policy aims for inflation of 2 percent in the medium term.

The price of natural gas is particularly striking. Compared to a year ago, natural gas has become 138.1 percent more expensive. Electricity became 14.8 percent more expensive. Statbel points out that the impact of the basic energy package, a government support package to reduce energy prices, is having a fading effect. That effect will continue until February 2025.

Furthermore, fresh seafood (+38.6 percent), cigarettes (+27.6 percent), olive oil (+26.6 percent) and light beers (+23.1 percent) became a lot more expensive. On the other hand, tea (-20.5 percent), computers (-16.7 percent), smartphones (-16.1 percent) and gasoline (-16 percent) became a lot cheaper.

Also on a monthly basis, price increases for electricity and gas weighed most heavily, in addition to more expensive foreign trips and city trips, clothing and tobacco. Airline tickets, motor fuels and hotel rooms fell in price compared to August.