Inflation in Belgium climbs to 3.2 per cent
Belgian inflation rebounded to 3.20 per cent year-on-year in October, the Statbel statistics office said on Wednesday. Inflation in the country has been above 3 per cent since September, when it rose to 3.06 per cent from 2.86 per cent in August.
In particular, rent, fuel, bread, recreational sports, clothing, meat, catering and furniture became more expensive in Belgium this month. On the other hand, electricity, hotel accommodation and heating oil became cheaper. Energy - with an inflation rate of 7.26 per cent in October - contributes 0.62 percentage points to total inflation, while food - with an inflation rate of 1.86 per cent - contributes 0.39 percentage points.
Compared with October last year, natural gas (+125.4 per cent) continues to lead the price increases. According to Statbel, this is due to government support measures following the end of the energy crisis. As a result, electricity prices are also up by 13.7 per cent. Statbel expects this measure to contribute to inflation until February.
Other products that are significantly more expensive than a year ago include olive oil (+36.2 per cent), cigarettes (+29.1 per cent) and fresh seafood (+27.5 per cent). Televisions (-16.5 per cent), pizza (-14.6 per cent) and diesel (-14.1 per cent), on the other hand, recorded sharp price falls.
Downward trend
Despite the recent rise in Belgium, inflation across the eurozone has been on a downward trend, prompting the European Central Bank to cut interest rates in September and earlier this month.
The eurozone received more positive news on Wednesday, with stronger-than-expected growth in the third quarter. According to an initial estimate by Eurostat, the European statistics office, the eurozone economy grew by 0.4 per cent in the period, higher than the 0.2 per cent expected.
This was mainly due to Germany, which avoided recession in the quarter with growth of 0.2 per cent. The French economy grew by 0.4 per cent in the summer months, thanks to the Olympic Games, and the Spanish economy even recorded quarterly growth of 0.8 per cent.
© BELGA PHOTO NICOLAS MAETERLINCK
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