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Inflation Accelerates in June

BELGIUM
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HICP inflation accelerated in June in Belgium, to +5.5% Y/Y (vs +4.9% prior) according to the Statbel flash estimate. Leaving aside a stall last month, this is the sixth consecutive increase and the highest yearly rate since January 2023. While recent headline upticks were largely energy-driven, services inflation, which remains under elevated scrutiny in the whole Eurozone, also accelerated this month.

  • National CPI, on which more underlying information is available in the flash release, accelerated to 3.74% Y/Y (from 3.36%). On a sequential comparison, CPI rose by 0.22% M/M (vs a 0.12% 2016-2023 June average).
  • Core inflation (excl. energy and unprocessed food) came in at 2.97% Y/Y vs 2.80% in May. Underlying services inflation also accelerated, to 4.55% Y/Y (vs 3.88% May). In particular, hospitality and communications inflation printed higher in June than in May.
  • Elsewhere, the energy category printed at +15.10% Y/Y vs +11.17% May, and food prices (incl. alcoholic beverages) increased +0.31% Y/Y in June (vs +1.0%).
  • Belgium makes up 3.8% of the total Eurozone HICP basket. While its contribution to the overall print will henceforth be limited, the details of the national release again pointed towards ongoing stickiness of services inflation.

MNI, Statbel

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HICP inflation accelerated in June in Belgium, to +5.5% Y/Y (vs +4.9% prior) according to the Statbel flash estimate. Leaving aside a stall last month, this is the sixth consecutive increase and the highest yearly rate since January 2023. While recent headline upticks were largely energy-driven, services inflation, which remains under elevated scrutiny in the whole Eurozone, also accelerated this month.

  • National CPI, on which more underlying information is available in the flash release, accelerated to 3.74% Y/Y (from 3.36%). On a sequential comparison, CPI rose by 0.22% M/M (vs a 0.12% 2016-2023 June average).
  • Core inflation (excl. energy and unprocessed food) came in at 2.97% Y/Y vs 2.80% in May. Underlying services inflation also accelerated, to 4.55% Y/Y (vs 3.88% May). In particular, hospitality and communications inflation printed higher in June than in May.
  • Elsewhere, the energy category printed at +15.10% Y/Y vs +11.17% May, and food prices (incl. alcoholic beverages) increased +0.31% Y/Y in June (vs +1.0%).
  • Belgium makes up 3.8% of the total Eurozone HICP basket. While its contribution to the overall print will henceforth be limited, the details of the national release again pointed towards ongoing stickiness of services inflation.

MNI, Statbel