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EUROPEAN INFLATION: Belgium Services CPI Continues to Accelerate in February

EUROPEAN INFLATION
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Belgian HICP inflation remained at 4.4% in February according to the Statbel flash estimate. National CPI (non-HICP) meanwhile decelerated notably, to 3.55% from January's 4.08%.

  • Core CPI printed 3.10% this month, compared to 3.14% in January, while services inflation accelerated to 4.34% Y/Y vs January's 4.13% (Dec 3.94%).
  • The press release notes that food (inc alcohol) inflation now stands at 2.22% compared to 2.54% last month. Energy inflation broadly reversed its January jump in the Y/Y rate, coming in at 8.17% (Jan 15.89%, Dec 7.40%). This means energy's contribution to headline CPI Y/Y is down to 0.83pp, from January's 1.32pp.
  • For context, Belgium made up 3.9% of the total Eurozone HICP basket in 2025.
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Belgian HICP inflation remained at 4.4% in February according to the Statbel flash estimate. National CPI (non-HICP) meanwhile decelerated notably, to 3.55% from January's 4.08%.

  • Core CPI printed 3.10% this month, compared to 3.14% in January, while services inflation accelerated to 4.34% Y/Y vs January's 4.13% (Dec 3.94%).
  • The press release notes that food (inc alcohol) inflation now stands at 2.22% compared to 2.54% last month. Energy inflation broadly reversed its January jump in the Y/Y rate, coming in at 8.17% (Jan 15.89%, Dec 7.40%). This means energy's contribution to headline CPI Y/Y is down to 0.83pp, from January's 1.32pp.
  • For context, Belgium made up 3.9% of the total Eurozone HICP basket in 2025.
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