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EUROPEAN INFLATION: Belgium HICP Inflation Down Four Tenths in December

EUROPEAN INFLATION
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Belgium HICP inflation decreased four tenths in December vs November, at 4.4% Y/Y according to the Stabel flash estimate. This follows three consecutive months of increases in HICP.

  • National CPI (non-HICP) came in at 3.16% Y/Y, from 3.20% in November. Core CPI came in at 2.91%, compared to 2.80% in November.
  • Food including alcoholic beverages inflation jumped to 1.85% Y/Y (vs 0.80% in November) although this is largely due to a base effect. On a monthly basis prices rose 0.04% M/M.
  • Services inflation firmed to 3.94% Y/Y from 3.52% in November.
  • Energy inflation in contrast slowed to 7.40% Y/Y (vs 9.44% in November), though it remains above October's level of 7.26% Y/Y. The slowdown was driven by a softening in electricity price increases to 12.6% Y/Y from 15.2% in November and gas prices to 59.2% Y/Y (vs 111.3% prior). The upward impact on inflation here is explained by the removal of the flat rate of electricity and gas which is expected to have an impact till February 2025.
  • For context, Belgium makes up 3.8% of the total Eurozone HICP basket. Its contribution to the overall print will henceforth be limited.
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Belgium HICP inflation decreased four tenths in December vs November, at 4.4% Y/Y according to the Stabel flash estimate. This follows three consecutive months of increases in HICP.

  • National CPI (non-HICP) came in at 3.16% Y/Y, from 3.20% in November. Core CPI came in at 2.91%, compared to 2.80% in November.
  • Food including alcoholic beverages inflation jumped to 1.85% Y/Y (vs 0.80% in November) although this is largely due to a base effect. On a monthly basis prices rose 0.04% M/M.
  • Services inflation firmed to 3.94% Y/Y from 3.52% in November.
  • Energy inflation in contrast slowed to 7.40% Y/Y (vs 9.44% in November), though it remains above October's level of 7.26% Y/Y. The slowdown was driven by a softening in electricity price increases to 12.6% Y/Y from 15.2% in November and gas prices to 59.2% Y/Y (vs 111.3% prior). The upward impact on inflation here is explained by the removal of the flat rate of electricity and gas which is expected to have an impact till February 2025.
  • For context, Belgium makes up 3.8% of the total Eurozone HICP basket. Its contribution to the overall print will henceforth be limited.