New figures released by the European statistics agency Eurostat show that labour coast in Belgium rose less sharply during the second quarter than in almost any other European country.
During the 2nd quarter of this year labour costs in Belgium were 2.6% higher that they were in the second quarter of 2023. In the EU as a whole labour costs were up by an average of 5.2%. Only in Finland was the increase in labour costs (2.1%) smaller than here in Belgium.
In the previous quarter Belgium was also one of the countries with the smallest percentage increase. This followed 7 quarters during which labour costs rose faster here than the average for the EU as a whole.
Unlike neighbouring countries Belgium has a system in which wages rise in line with inflation. This means that here wages rise more quickly here if inflation is high, as was the case during much of 2022 and early 2023. Wages in other countries usually follow suit albeit with some delay.