The July inflation figures that were published on Friday morning show almost no change on last month’s figures. In July 2023 prices were an average of 4.14% higher than they in July 2022. While the price of food continues to rise sharply, the pace at which it is rises continues to slow.
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Inflation remains stable
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According to figures released by the Belgian bureau of statistics Statbel on Friday morning inflation in July stood at 4.14%. This is almost unchanged on the annual inflation rate of 4.15% that was recorded last month. So-called “core inflation” that doesn’t consider the price of energy and unprocessed foodstuffs fall a little more sharply than this though.
Food price rises fuelling inflation
The most important factor fuelling inflation remains the significant rises in the price of food. In July food inflation stood at 13.23%. However, the pace at which food (and drink) prices are rising has slowed.
Cooking oil, fish, dairy products, bread, grain products and meat have risen sharply in price during the past year. Cooking oil is 14.8% more expensive, dairy products 17.8% dearer while the price of fish is up 12.1% on this time last year.
Meanwhile, bread and grain products have gone up in price by 14.2% and meat by 10.5% compared with what they cost a year ago.
Energy prices down
The price of energy is down by around a quarter (24.11%) on July 2022. Electricity is currently 27.1% cheaper and gas 62.4% cheaper than it was a year ago.