Although inflation has continued to fall for two consecutive months, it has nevertheless followed a generally upward trend since October 2023. This increase is explained by the dissipation of the impact of the basic flat rate for electricity and natural gas. The last effect of the basic flat rate disappeared from the price index in March 2024. “The disappearance of the basic flat rate will therefore continue to have an upward impact on inflation up to and including February 2025,” Statbel specifies.
L’consumer price index remains unchanged compared to July 2024.
THE major price increases recorded in August concern tobacco (+5.4%), private rents (+0.6%), non-alcoholic beverages (+1.7%), hotel rooms (+2.1%), clothing (+0.5%) and restaurants and cafes (+0.3%).
Fuels (-3.9%), household appliances (-6.3%), flowers and plants (-4.7%), vegetables (-1.2%) and natural gas (-1.6%), on the other hand, exerted a bearish effect on the index.
Food products: inflation down
Inflation of food products (including alcoholic beverages) fell this month to 0.04% from 0.54% in July 2024. It had peaked at 17.02% in March 2023.
To get a good idea of price changes on store shelves, we have been monitoring 50 consumer products for several months.
There is a drop in prices for some of them this month, such as fresh vegetables, olive oil, margarine and fresh and frozen fish.
| Food product | Price evolution over 1 month | |
|---|---|---|
| 1 | Fresh vegetables except potatoes | -2,5 % |
| 2 | Olive oil | -1,9 % |
| 3 | Margarine and vegetable fats | -1,8 % |
| 4 | Fresh fish | -1,5 % |
| 5 | Frozen fish | – 1,3 % |
Conversely, some products have seen relative price increases over the month. These include canned fruit, butter, coffee, crisps and breakfast cereals.
| Product | Price evolution over 1 month | |
|---|---|---|
| 1 | Canned fruits | + 3,8 % |
| 2 | Butter | + 3,8 % |
| 3 | Café | + 3,5 % |
| 4 | Chips | + 2,8 % |
| 5 | Breakfast cereals | + 2,1 % |
Cigarettes and beer up sharply over 1 year
If the prices of certain products have experienced significant increases or decreases over a period of one month, it is necessary to analyze thePrice evolution over a year so that it is meaningful.
And if we look at the figures, we realise that over the last 12 months, it is still the price of olive oil that has been at the top of the list of the biggest increases. Then come cigarettes, light beer, butter and mutton and lamb.
| Product | Price evolution over 1 year | |
|---|---|---|
| 1 | Olive oil | + 28,0 % |
| 2 | Light beer | + 17,3 % |
| 3 | Butter | + 10,0 % |
| 4 | Mutton meat | + 6,4 % |
| 5 | Potatoes | + 5,7 % |
Conversely, over the past year, the food products that have seen their prices fall the most are pizzas and quiches, tea, flour, breakfast cereals and milk.
| 1 | Pizzas et quiches | – 11,6 % |
| 2 | Thé | – 11,1 % |
| 3 | Flours and other cereals | – 7, 6 % |
| 4 | Breakfast cereals | – 6,7 % |
| 5 | Lait | – 6,6 % |
Do you want to get an idea of the price variations of a particular product, whether it is food or not? Discover our panel of 50 products in the module below. Simply choose a product from our selection and see the increase in its price over 5 years, 1 year or even 3 months.
Gas and electricity prices have dropped this month
Regarding theenergywe see positive inflation, which stands at 6,96 % this month, however, down from a 14.01% increase last month and 15.10% in June.
Compared to last month, prices of gaz naturel decreased by 1.6% and those of electricity of 0.3%.
The price of the heating oilsmoothed over 12 months, fell by 9.3% in one year.
THE fuels also cost 9.3% less than in August last year and decreased by 3.9% this month compared to the previous month.
Health index and HICP
Note also that theunderlying inflationwhich does not take into account changes in the prices of energy products and unprocessed food products, stood at 2.73% in August, compared to 3.04% in July.
In August, the‘health index’ increased by 0.10 points to 132.94 points, compared to 132.84 points in July. The smoothed health index stood at 129.63 points in August. The next pivot index for the civil service and social benefits is set at 130.67 points.
The first estimate of inflation according to the European Harmonised Index of Consumer Prices (HICP flash estimate) for Belgium is 4.5% in August 2024.
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