Inflation rose to 4.16 percent in October. This is reported by the Belgian statistical office Statbel. This is the highest level since October 2008, when inflation was 4.72 percent.
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The large increase in inflation this month can be attributed to the sharp rise in energy prices, according to Statbel. Energy currently has an inflation rate of 30.86 percent and contributes 2.62 percentage points to total inflation. In September energy inflation was 19.37 percent last month, in August it was 17.15 percent in August.
Electricity became 25.8 percent more expensive in one year. The price of natural gas even rose by 77.5 percent, motor fuels cost 25.8 percent more than in October 2020. The price of domestic heating oil rose by 7.4 percent, flattening out over 12 months.
Compared to September, electricity prices rose by 10.5 percent, natural gas prices by 25.7 percent. Motor fuels became on average 5.7 percent more expensive this month, the price of domestic heating oil rose by 7.1 percent. Hotel rooms rose on average 14.6 percent in price this month. Meat became on average 1.6 percent more expensive this month, the price of restaurants and cafes rose on average 0.7 percent. Dairy products became on average 2.2 percent more expensive, alcoholic drinks on average 6.1 percent cheaper.
Core inflation, which does not take into account the price evolution of energy products and unprocessed foods, stood at 1.95 percent in October, compared to 1.61 percent in September and 1.65 percent in August. In September inflation was still 2.86 percent, the highest level since February 2017. In August it was 2.73 percent.
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