Brussels (The Brussels Morning Newspaper): After causing the increase in gas tariffs as well as smoking habits and energy consumption. Belgian consumer price index was maintained at five point four percent. Food inflation reduced from 20% 3 recorded in March this year to 1% 1 while prices of milk products decreased by 1% 4.
It is noteworthy that the price of groceries, clothing and services increased by 5.4% last month according to the recent price index of Europe. Statbel which is statistics department of Belgiya have seen tha in July most inflation factors are natural gas, tobacco, heating oil auand electricity .
What factors contributed to Belgium’s mixed inflation trends in July 2024?
During this time bread, meat, dairy products, furniture pieces and cars as well as fuels played a major role in lowering inflation rates most. Grocery prices still have to deal with increases but there has been a drastic fall in food price increase reports compared to the previous year. In July inflation for foodstuff and drinking things was 1.1% as opposed to 1.5% in June . It has been gradually declining from its peak of 20.3% in March 2023.
In July oil prices rose by 5.5 percent while they had increased almost 31.3 percent as at March 2023. But on the advantage side the price of milk went down by 1.4%. It was noted that last year in March the price had increased approximately by 31%. The price for fish went up only by 1.3 percent last time compared to its increase in March 2023 when it hit about 17.2 percent more than before. The inflation rate of maize and wheat stood at 0.8 percent in July against 22 percent on record during that time range period from March to then December 2020 whereas meat prices fell from approximately 16.8 percent to around two percent within this timeframe period specified. These energy prices are serving as the driving force behind Belgian inflationary degradation barely to be checked since October 2023. In the last couple of months inflation rose by 2.2 percent as energy consumption grew. Although Statbel does not define this increase as a consequence of raise in energy prices. It was attributed to aftereffects caused by the cessation of state aid during worldwide energy crisis precipitated by Russian annexation of Ukraine.
