Belgium's inflation rate is again among the highest in the European Union (EU), figures from Eurostat, the EU's statistical office, showed. The country landed in fourth place.
The EU annual inflation was 2.7% in December 2024, up from 2.5% in November but down from 3.4% the same month in 2023. Inflation in Belgium, according to the Harmonised Consumer Price Index (HICP) – the EU's preferred inflation index – fell in December 2024 to 4.4% from 4.8% in November, figures from Statbel, the country's statistical office published earlier this week, showed.
With this figure, Belgium is again in the top five EU countries when it comes to high inflation. The highest annual inflation was recorded in Romania (5.5%), followed by Hungary (4.8%) and Croatia (4.5%).
Credit: Eurostat
The biggest driver of inflation in Belgium in December was natural gas, followed by tobacco and electricity. "Electricity is now 12.6% more expensive than a year ago," Statbel noted. Natural gas is 59.2% more expensive than last year in December.
The rate in Belgium was higher than in its neighbouring countries. The Netherlands recorded an inflation rate of 3.9% in December. In Germany, inflation was 2.8%, slightly above the eurozone annual inflation rate of 2.4%. France recorded an inflation rate of 1.8%, while the lowest HICP of Belgium's neighbouring countries was seen in Luxembourg (1.6%).
When looking at the euro area, Belgium has the second-highest rate. The eurozone annual inflation rate was 2.4% in December 2024 – up from 2.2% in November and down from 2.9% in December 2023.
Across the euro area, services, followed by food, alcohol & tobacco, non-energy industrial goods and energy were the biggest drivers for inflation.
