Inflation

  • Inflation stood at 1.4% in 2019

    In 2019 inflation according to the consumer price index was 1.4% in Belgium, significantly lower than in 2017 and 2018 (2,1%).

    In 2013-2015, inflation was less high, in 2014 and 2015 even lower than 1%. Inflation peaked in 2008 (4.5%), but fell sharply in the 2009 crisis year (-0.1%). Subsequent years of partial economic recovery (2010, 2011 and 2012) went hand in hand with higher inflation rates. 

    The figures for the health index are quite similar to that of the general index, with the exception of 2009 and 2010 and to a lesser extent 2011, 2015, 2017 and 2018

  • Inflation is highest in services

    Broken down into main categories of goods and services, inflation was the highest in services over the past ten years. The non-food category shows the greatest fluctuations. This is largely due to the fact that this category also includes the prices of petroleum products, which can fluctuate quite significantly. The rise in the price of petroleum products in the period 2017-2018 also led to an increase in general inflation. The rent category shows a very gradual increase.

Sources

The National Bank of Belgium (Nationale Bank van België NBB): Inflation 

Definitions

General index of consumer prices: figure reflecting the evolution of the price level for a package of goods and services representative of household expenditures. 
Health index: index derived from the general index of consumer prices from which a number of products, such as alcoholic beverages (bought in shops or cafes), tobacco and engine fuels (excluding LPG) have been excluded. 
Inflation: the process of reducing the value of a currency, mainly due to the average increase in the price of goods and services purchased by consumers. Inflation is represented by a consumer price index, which is calculated for a broad, representative collection of products (goods and services). 

Publication date

31 March 2020

Next update

30 March 2021

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