The latest inflation figures that were released on Friday morning show that the cost of living in Belgium has risen by 1.35% during the past 12 months. Now that the inflation rate for the whole of 2023 is known, 1 million white collar workers now also know by how much their monthly salaries will rise by from the start of 2024. They can expect a 1.5% increase (45 euro on a salary of 3,000 euro/month).
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Inflation rises to 1.35%, 1 million workers will see pay rise by 1.5%
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The cost of living has gone up significantly during the past couple of years. This was especially noticeable last winter with the peak in energy prices. Fortunately, the steep rise in inflation has eased off during the past year.
After a period of (modestly) negative inflation figures, the inflation rate rose to 0.76% last month. This month’s figures show a further rise to 1.35%. This means that what cost us 100 euro last December now costs us 101.35 euro.
The prices of natural gas, electricity, plane tickets, private sector rents, some foodstuffs and seafood have risen. Meanwhile, the price of motor fuels, fruit, alcoholic beverages, meat and bread and cereals have fallen.
Food inflation (including alcoholic beverages) fell for the tenth month in a row. However, it is still high at 7.03% (down from 8.22% in November).
1 million white collar workers’ salaries to rise in January
That the inflation rate for the whole year is known, those working in the sectors of the economy where index-linked pay rises are implemented each year in January know how much their salaries will increase by. Around 1 million white collar workers will see their salaries increase by 1.5% from 1 January. At the start of this year the increase was more than 11%.