June 2, 2022
The newest inflation numbers reveal that the rate of inflation is continuing to grow. Inflation in Belgium is now at 8.97 percent, the highest level in over 40 years, according to May estimates. Belgium’s inflation rate reached just over 9% in August 1982. The substantial rise in energy prices over the last year has contributed significantly to the current high level of inflation. Food price hikes, on the other hand, are helping to feed inflation.
It comes as no surprise to learn that the increased cost of energy is serving to fuel inflation. Energy costs are currently 56.80% higher than they were a year ago. This substantial increase in energy costs accounts for more than half (4.80 percentage points) of the current inflation rate of 8.97 percent.
Food prices (including alcoholic beverages) have risen faster than the prices of other goods and services included in the inflation calculations. Food and drink were 6.32 percent more expensive in May than they were a year ago. This is compared to a 5% growth year over year in April.
Fuel, power, private sector rents, visits to restaurants and bars, milk, cheese, and eggs, purchasing a vehicle, alcoholic drinks, overseas travel, city trips, fish and sea cuisine all saw significant price hikes in May.
Source: NWS Flandersnews.be
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