Surging energy prices drive Belgian inflation to 4.01 per cent
Belgian inflation rose sharply from 1.65 per cent in March to 4.01 per cent in April, according to figures published by statistics agency Statbel on Wednesday evening. The jump was mainly due to soaring energy prices as a result of the conflict in the Middle East.
Energy inflation reached 10.58 per cent in April: electricity became 3.3 per cent more expensive compared to April last year, while natural gas rose 11.4 per cent. Motor fuels were 27.4 per cent more expensive on a year-on-year basis. Compared to March, the monthly increases were even steeper: electricity rose 5.4 per cent, natural gas 22.9 per cent, and motor fuels 12.3 per cent.
Other categories also contributed to the rise. Rents increased by 3.45 per cent, services inflation climbed to 5.28 per cent, and food prices were up 1.86 per cent on a year ago. Airline tickets saw one of the sharpest increases, rising 41.5 per cent compared to April last year. LPG and diesel became 40.7 per cent more expensive.
The rise in inflation is mainly attributed to the conflict in the Middle East. Although economists had expected it to rise further in the coming months, the April figure was much higher than the projected 3.16 per cent. Whether inflation is peaking sooner than anticipated or whether sharper rises lie ahead will depend on how long the war with Iran continues.
The figures were released several hours later than planned after the index committee, made up of representatives from employers' organisations, trade unions and academics, failed to agree on April's inflation figure. Economy minister David Clarinval ultimately had to step in to make the final decision.
PHOTO © ImageGlobe
Related news
