Although the general inflation rate in Belgium was lower last year than in neighboring countries, food prices in our country have risen more sharply. The lower Belgian inflation rate is solely a consequence of the sharp drop in energy prices.
Food prices have risen faster in Belgium than in neighboring countries. This is evident from the annual report of the Price Observatory of the Federal Public Service Economy.
This is an increase of 12.7% on average. Never before has food inflation in our country been so high, says the Price Observatory. The peak of food inflation (+16.9%) was already in the first quarter of 2023. From the second quarter onwards, food inflation has continuously decreased, reaching 8.3% in the fourth quarter.
Food inflation also reached a historically high level in neighboring countries in 2023, but the inflation level there was still slightly lower than in Belgium. Price increases fluctuate between 11.3% (Netherlands) and 11.7% (Germany).
Lower overall inflation
Total inflation in Belgium last year was 2.3% according to the harmonized index (HICP), which allows comparison with other countries. Belgium therefore records a lower inflation rate than Germany (6.0%), the Netherlands (4.1%) and France (5.7%).
This is mainly due to the different developments in energy prices in each country. In Belgium, the annual average price drop for energy was 28.4%.
The Belgian inflation rate (6.3%) in 2023 will also be higher in services than in neighboring countries. This higher inflation in Belgium is mainly due to sectors such as restaurants, housing and hospital services.
Also read:
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2024-02-13 09:44:25
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