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EUROPEAN INFLATION: Four Tenth Rise In Belgian HICP On Energy Base Effects

EUROPEAN INFLATION
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Belgian HICP inflation rose four tenths to 4.9% Y/Y in November, its highest annual rate since July this year. Headline CPI inflation was 3.20% for the second consecutive month. 

  • Core CPI, which excludes energy and unprocessed foods), eased to 2.80% Y/Y (vs 3.01% in October), back in line with September’s levels.
  • Services CPI inflation was 3.52% Y/Y (vs 3.97% prior), while food inflation decelerated to 0.80% (vs 1.86% prior).
  • Energy inflation was 9.44% (vs 7.26% prior), largely due to further accelerations in electricity (15.2% Y/Y vs 13.7% prior) and natural gas (125.4% Y/Y vs 111.3% prior). These high rates are due to the removal of the 2022 basic energy package, designed to help households with high energy bills.
  • Two factors driving the wedge between HICP and CPI are that “sales periods have been neutralised in the CPI, but are included in the same month in the HICP” and “current prices for domestic heating oil are used in the HICP calculation. A weighted 12-month average is applied in the CPI calculation”.

Source: Statbel

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Belgian HICP inflation rose four tenths to 4.9% Y/Y in November, its highest annual rate since July this year. Headline CPI inflation was 3.20% for the second consecutive month. 

  • Core CPI, which excludes energy and unprocessed foods), eased to 2.80% Y/Y (vs 3.01% in October), back in line with September’s levels.
  • Services CPI inflation was 3.52% Y/Y (vs 3.97% prior), while food inflation decelerated to 0.80% (vs 1.86% prior).
  • Energy inflation was 9.44% (vs 7.26% prior), largely due to further accelerations in electricity (15.2% Y/Y vs 13.7% prior) and natural gas (125.4% Y/Y vs 111.3% prior). These high rates are due to the removal of the 2022 basic energy package, designed to help households with high energy bills.
  • Two factors driving the wedge between HICP and CPI are that “sales periods have been neutralised in the CPI, but are included in the same month in the HICP” and “current prices for domestic heating oil are used in the HICP calculation. A weighted 12-month average is applied in the CPI calculation”.

Source: Statbel