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Core CPI Continuing Downtrend; Headline Higher on Base Effects

BELGIUM

Belgian February HICP was +3.6% Y/Y, up from +1.5% in December, the highest since March 2023. This is up from -1.7% in October 2023. Belgium HICP has previously peaked at 13.1% in October 2022.

  • National CPI inflation came in at 3.2% Y/Y (vs 1.75% prior). Core inflation declined for the ninth month in a row, to 4.25% (vs 4.75% prior).In terms of national CPI:
  • Food inflation fell to 4.65% (vs 6.58%), the 11th consecutive decrease.
  • Main upside drivers in February were natural gas, electricity, motor fuels, hotel rooms, rent, vegetables and alcoholic beverages, the Belgian statistics office notes.
  • Downward contributions came from confectionery, holiday villages and pet products.
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