There has been a further fall in the rate of inflation in Belgium. Figures released on Thursday show that inflation here currently stands at 4.15%. At the end of May inflation in Belgium was 5.2%. Most noticeable in the June inflation figures is that for the first time in many months the pace at which food prices are rising is slowing down.
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Inflation falls further and now stands at 4.15%
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In May 2023 the price of food was an average of 15.51% more expensive than it was in May 2022. However, last month the year-on-year increase in what we pay for our groceries had fallen back to 14.43%. The inflation figures come from the federal bureau of statistic, Statbel.
A 4.15% inflation rate means that what cost 100 euro a year ago now costs 104.15 euro. The fall in the rate of inflation is a continuation of a trend that got underway at the end of last year.
Rising food prices continue to fuel inflation
The primary factor fueling inflation continues to be the rising cost of food. In June 2023 the amount we have to pay for our groceries was an average of 14.43% more than it was in June 2024. The rise in the price of food accounts for 2.78 percentage points of the 4.15% inflation rate.
The good news is that the pace at which food prices are rising is now slowing. Last month the year-on-year increase in the price of groceries (including alcoholic drinks) was 14.43%, down from a year-on-year increase of 15.15% in May.
The fall in energy prices played a major role in bringing down inflation in June. In June 2023 the price of energy was 8.7% cheaper than was the case in June last year.
Fuel for vehicles, bread, grain and products made from sugar, cleaning products, going for a drink at a bar or for a meal at a restaurant and the price of rent have seen the sharpest rises in price. We are are currently paying 30.8% more for pizza and quiche, 25.2% more for eggs and 29.2% more for sugar than we were a year ago.
Meanwhile, electricity, gas, domestic heating oil, mobile telephones and alcoholic drinks all contributed to lowering the general rate of inflation.