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Headline HICP Stalls After Previous Upticks; Core Continues Downtrend

BELGIUM
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Belgian HICP inflation stagnated in May at 4.9% Y/Y according to the preliminary estiamte after six consecutive months of acceleration.

  • National CPI, for which more supplementary information is given in the preliminary estimate, also remained almost unchanged this month at 3.36% Y/Y (vs 3.37% prior). On a sequential measure, CPI printed at 0.37% M/M (vs 0.48% prior).
  • Core CPI inflation meanwhile fell for the 12th consecutive month to 2.80% Y/Y in May (vs 3.26% in April).
  • Statbel notes food, clothing, rents, travel, and restaurant/café categories as the main upside contributors to the headline rate. Downside contributions came from fuels and electricity, meanwhile.
  • Specifically, food CPI inflation has accelerated for the first time since March 2023, Statbel notes, printing at +1.0% Y/Y (vs 0.25% prior), and contributing 0.21pp to the headline figure.


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Belgian HICP inflation stagnated in May at 4.9% Y/Y according to the preliminary estiamte after six consecutive months of acceleration.

  • National CPI, for which more supplementary information is given in the preliminary estimate, also remained almost unchanged this month at 3.36% Y/Y (vs 3.37% prior). On a sequential measure, CPI printed at 0.37% M/M (vs 0.48% prior).
  • Core CPI inflation meanwhile fell for the 12th consecutive month to 2.80% Y/Y in May (vs 3.26% in April).
  • Statbel notes food, clothing, rents, travel, and restaurant/café categories as the main upside contributors to the headline rate. Downside contributions came from fuels and electricity, meanwhile.
  • Specifically, food CPI inflation has accelerated for the first time since March 2023, Statbel notes, printing at +1.0% Y/Y (vs 0.25% prior), and contributing 0.21pp to the headline figure.


Keep reading...Show less