“Belgium’s Inflation Trends: Understanding May’s 8.7% Excluding Energy and Food Products Inflation Rates”

2023-05-30 09:36:03

LInflation fell in May to 5.2% against 5.6% in April and 6.67% in March, but underlying inflation, which does not take into account the evolution of the prices of energy products and unprocessed food products, accelerated to 8.7% in May against 8.28% in April and 8.57% in March, announces Statbel.

Inflation based on the health index decreased from 5.95% to 5.9%. The smoothed health index stood at 124.63 points in May. The next pivot index for the civil service and social benefits is set at 125.60 points.

Energy prices exert downward pressure on inflation, led by natural gas (-60.4% over one year) while wood and other solid fuels (+48.2%) and banknotes flights (+41.8%) are driving inflation up. Just like food products (alcoholic beverages included) whose price increase reached 15.51% in May, against 16.64% in April. Compared to May 2022, the prices of cocoa and chocolate-based powder (+31.8%), sugar (+29.1%), pizzas and quiches (+28.9%) and whole milk ( +28.8%) increased sharply.

Read also Inflation still weighs on the minds and finances of Belgian holidaymakers

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