Eurozone inflation rises for first time in months, with Belgium far below average

After hitting a two-year low in November, eurozone inflation rose to 2.9 per cent year-on-year in December, according to a first estimate by the European statistics office Eurostat. Belgium's rate, at 0.5 percent, is the lowest in the euro area.

In November, eurozone inflation was 2.4 per cent, the lowest level since November 2021. Last month's increase, in line with analysts' forecasts, is the first since April.

Energy prices in particular played a role (+4 per cent). These fell again in December (-6.7 per cent year-on-year), but the decline was less pronounced than in previous months. Food, alcohol and tobacco were up 6.1 per cent year-on-year, services 4 per cent and non-energy industrial goods 2.5 per cent.

However, core inflation - which excludes energy, food, alcohol and tobacco - fell further to 3.4 per cent. Many economists consider core inflation to be a better indicator of the true cost of living, as it reflects the underlying trend.

Different figures

For Belgium, the tables show 0.5 per cent. Together with Italy, this is the lowest figure of all the euro countries. However, Eurostat uses a different method of calculation than the Belgian statistical office Statbel. At the end of last month, Statbel announced that inflation in Belgium stood at 1.35 per cent, as opposed to Eurostat's much lower figure of 0.5 per cent.

The significant difference between the two figures can be explained by the different weighting and composition of the basket of goods and services on which these indicators are based. One of the differences, for example, is in the price used for heating oil. The European calculation method allows comparisons to be made between member states.



Related news:

Website preview
Inflation in Belgium rises slightly, but remains under 2 per cent
Inflation in Belgium rose to 1.35 per cent year-on-year in December, statistics agency Statbel announced on Friday. Prices for gas, electricity and rents rose, while fuel and food prices fell.

Get updates in your mailbox

By clicking "Subscribe" I confirm I have read and agree to the Privacy Policy.


Belga News Agency delivers dependable, rapid and high-quality information 24 hours a day, 7 days a week, from Belgium and abroad to all Belgian media. The information covers all sectors, from politics, economics and finance to social affairs, sports and culture, not to mention entertainment and lifestyle.

Every day, our journalists and press photographers produce hundreds of photos and news stories, dozens of online information items, plus audio and video bulletins, all in both national languages. Since the end of March 2022 English has been added as a language.

For public institutions, businesses and various organisations that need reliable information, Belga News Agency also offers a comprehensive range of corporate services to meet all their communication needs.


Arduinkaai 29 1000 Brussels