Food inflation has experienced very high rates over the last three years in Belgium. The price of foodstuffs even had to double during this period for certain products such as olive oil which increased by almost 100%.
But this inflationary crisis has not affected everyone in the same way. In addition to the great disparity of food prices in Belgiuma difference was even noted compared to other neighboring countries.
A significant difference with other neighboring countries
Food prices have increased significantly recently. That’s not all, according to Eric Dor, director of economic studies at the IESEG School of Management, the rise in prices was even more pronounced in Belgium than in other neighboring countries over the previous three years. In any case, this is what is revealed by the new study on the inflationary crisis, the results of which were presented by Mr. Dor.
The analysis in question thus compares the increase in food prices between Belgium and the other countries of the euro zone, throughout the period which extends between October 2021 and October 2024. According to the study, the average prices of food products excluding drinks increased by 27% in Belgium.
There are eight eurozone countries where food prices have increased less than in Belgium over these three years. This is the case for Luxembourg (21.4%), France (22.9%), Italy (24.3%) and the Netherlands (24.9%).
A large disparity between products is noted
In addition to the big increase in prices in Belgium, the study revealed another equally important fact which is the disparity between the products hidden behind this development. According to the results of the survey, it was established that the highest increase was recorded for olive oil with an increase of 100.6%, followed by potatoes (48.3%) and eggs (42.1%). Conversely, the least significant change was recorded for dried fruits as well as those in the shell (7.2%), followed by spirits and liqueurs (7.9%) and beers other than light (10. 9%).
On the other hand, and for many basic food productsthe price increase was higher in Belgium compared to all other neighboring countries. This is the case for bread (27.3% in Belgium), poultry (33.5%), cheeses (33.4%), whole milk (30.9%), olive oil. olive and eggs in particular.
Conversely, some products increased less significantly in Belgium, such as sugar (35.4%), beef (19.16%) as well as sauces and condiments (24%).
