2024-08-30 14:56:00
Belgium once again recorded the highest annual inflation rate in the entire eurozone in August, Eric Dor, director of economic studies at the IÉSEG School of Management, said on Friday.
Belgium’s annual inflation rate rose to 4.5% in August, while eurozone inflation fell to 2.2% during the same period, the lowest level in three years.
The eurozone country with the lowest annual inflation rate (i.e. the lowest average price growth rate between August 2023 and August 2024) is Lithuania (0.7%). Luxembourg’s inflation rate is 1.7%, Germany’s is 2%, France’s is 2.2% and the Netherlands’ is 3.3%.
Mr. Dole believes that the main reason for Belgium’s poor performance is “The annual increase in energy prices is 12.5% higher than in all other euro area countries for which data are available”He noted that energy prices even fell in most other countries between August 2023 and 2024.
“The sharp increase in energy prices in Belgium is the result of the abandonment of tariff cuts related to the basic package for electricity and gas, which will still apply in August 2023”he added.
The professor points out, among other reasons, that the annual rate of increase in food prices in Belgium is again trending higher.
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