Belgium’s general inflation rate was lower last year than in neighboring countries, but food prices rose more sharply, according to the annual report of the Price Observatory of the Federal Public Service Economy. The harmonized index (HICP) indicated that total inflation in Belgium was 2.3 percent, allowing for comparisons with other countries. This rate is lower than Germany (6.0%), the Netherlands (4.1%), and France (5.7%), largely due to differences in energy prices. In Belgium, energy prices dropped by an average of 28.4 percent.
Meanwhile, food prices in Belgium increased by 12.7 percent on average, reaching a peak of 16.9 percent in the first quarter of 2023 and gradually decreasing to 8.3 percent in the fourth quarter. Although neighboring countries also experienced historically high levels of food inflation, Belgium’s rate was slightly higher.
The Belgian inflation rate of 6.3% in 2023 was also higher in services than in neighboring countries, particularly in sectors such as restaurants, housing, and hospital services.
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