- Belgium's inflation rate based on the European harmonised index of consumer prices was running at 1.6 % in April compared to 1.5 % in March.
- Core inflation (inflationwithout energy and unprocessed food) was running at 1.5 % in April, against 1.7 % in March.
- The sub-indices with the largest upward effect on inflation were tobacco, motor fuels, domestic heating oil and dairy products.
- Most of the downward pressure on inflation in April came from electricity, accommodation and vegetables.
- The harmonised index of consumer prices of April for the EU Member States will be published by Eurostat on 16 May.
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The inflation rate based on the European harmonised index of consumer prices (HICP) was running at 1.6 % in April, against 1.5 % in March. Inflation based on the harmonised index of consumer prices at constant tax rates (HICP-CT) was running at 1.5 % in April, up from 1.4 % in March. The difference in inflation between the HICP and the HICP-CT is largely due to the changes in excise duties on motor fuels and tobacco. These increases are not taken into account in the HICP-CT.
Based on the breakdown into 12 main groups, the highest inflation rate in April was measured for "Alcoholic beverages and tobacco" (4.6 %). The lowest inflation rate was measured for "communication" (-0.2 %).
main group with the largest upward effect on inflation in April was "Alcoholic beverages and tobacco" with an effect on inflation of 0.2 percentage point. "Clothing and footwear", "interior decoration and household appliances", "communication" and "recreation and culture" had all of them a downward effect on inflation of -0.1 percentage point.
Inflation and effect on inflation for the overall HICP and 12 main groups
| Product group | Weight (‰) | Inflation on annual basis (%) | Effect on inflation (percentage point) | ||||||
|---|---|---|---|---|---|---|---|---|---|
| HICP | HICP-CT | ||||||||
| Feb/18 | Mar/18 | Apr/18 | Apr/18 | Feb/18 | Mar/18 | Apr/18 | |||
| 0 | Total expenditure | 1000.0 | 1.5 | 1.5 | 1.6 | 1.5 | |||
| 1 | Food and non-alcoholic beverages | 164.1 | 1.4 | 1.7 | 1.9 | 1.7 | 0.0 | 0.0 | 0.1 |
| 2 | Alcoholic beverages and tobacco | 48.8 | 4.8 | 5.0 | 4.6 | 1.0 | 0.2 | 0.2 | 0.2 |
| 3 | Clothing and footwear | 54.3 | 0.3 | 0.2 | 0.6 | 0.6 | -0.1 | -0.1 | -0.1 |
| 4 | Housing, water and energy | 165.9 | 1.3 | 0.9 | 1.7 | 2.7 | 0.0 | -0.1 | 0.0 |
| 5 | Interior decoration and household appliances | 74.8 | 0.4 | 0.5 | 0.3 | 0.3 | -0.1 | -0.1 | -0.1 |
| 6 | Health | 77.2 | 2.3 | 2.3 | 1.9 | 1.9 | 0.1 | 0.1 | 0.0 |
| 7 | Transport | 122.2 | 1.9 | 1.8 | 2.6 | 1.9 | 0.1 | 0.0 | 0.1 |
| 8 | Communication | 32.0 | 0.4 | -0.1 | -0.2 | -0.2 | 0.0 | -0.1 | -0.1 |
| 9 | Recreation and culture | 90.7 | -0.4 | 0.4 | 0.4 | 0.4 | -0.2 | -0.1 | -0.1 |
| 10 | Education | 5.1 | 1.7 | 1.7 | 1.7 | 1.7 | 0.0 | 0.0 | 0.0 |
| 11 | Hotels, cafés and restaurants | 79.6 | 3.0 | 2.6 | 1.0 | 1.0 | 0.1 | 0.1 | 0.0 |
| 12 | Various goods and services | 85.3 | 1.7 | 1.6 | 1.6 | 1.7 | 0.0 | 0.0 | 0.0 |
The overall HICP can be broken down into five specific aggregates which together form the total expenditure.
- The inflation rate for fuels and energy sources has gone up. It was running at 3.5 % in April, against 1.0 % in March and 1.6 % in February. Prices increased on average by 1.4 % compared to the previous month. The average inflation rate of this aggregate for the last twelve months is 4.9 %.
- Inflation for processed food products stood at 3.6 % in April, compared to 3.7 % in March and 3.5 % in February. Prices increased on average by 0.8 % compared to March.
- Inflation for unprocessed food (fruit, vegetables, meat and fish) was running at 0.6 % in April compared to 0.3 % in March. Prices increased on average by 0.5 % compared to March. The average inflation rate of this aggregate for the last twelve months is -0.2 %.
- The inflation for non-energy industrial goods was running at 0.6 % in April, down from 0.8 % in March and February. Prices decreased on average by 0.1 % compared to March.
- Inflation for services decreased to 1.3 % in April, from 1.6 % in March. Prices increased on average by 0.4 % compared to March.
Core inflation (inflation without energy and unprocessed food) was running at 1.5 % in April, registering a decrease compared to the inflation rate of 1.7 % measured in March. Prices of this subaggregate increased on average by 0.3 % compared to the previous month.
Inflation according to specific aggregates
| Specific aggregates | Weight (‰) | Inflation on annual basis (%) | 12-month average (%) | Monthly change | ||
|---|---|---|---|---|---|---|
| Feb/18 | Mar/18 | Apr/18 | Apr/18 | Apr/18 | ||
| Total expenditure | 1000.0 | 1.5 | 1.5 | 1.6 | 1.8 | 0.4 |
| Fuels and energy sources | 99.5 | 1.6 | 1.0 | 3.5 | 4.9 | 1.4 |
| Processed food products | 134.6 | 3.5 | 3.7 | 3.6 | 2.8 | 0.8 |
| Unprocessed food | 78.3 | -0.2 | 0.3 | 0.6 | -0.2 | 0.5 |
| Non-energy industrial goods | 272.2 | 0.8 | 0.8 | 0.6 | 0.8 | -0.1 |
| Services | 415.4 | 1.5 | 1.6 | 1.3 | 1.8 | 0.4 |
| HICP without energy and unprocessed food (core inflation) | 822.2 | 1.6 | 1.7 | 1.5 | 1.6 | 0.3 |
The largest upward effect on inflation was caused by tobacco (0.16 percentage point). Motor fuels provided an effect of 0.14 percentage point. Domestic heating oil provided an effect of 0.11 percentage point. Milk, cheese and eggs had an effect of 0.10 percentage point.
Sub-indices with the largest upward effect on inflation
| Sub-index | Weight (‰) | Effect on inflation (percentage point) | |
|---|---|---|---|
| 2018 | Apr/18 | ||
| 02.2.0 | Tobacco | 29.3 | 0.16 |
| 07.2.2 | Motor fuels | 33.4 | 0.14 |
| 04.5.3 | Domestic heating oil | 16.5 | 0.11 |
| 01.1.4 | Milk, cheese and eggs | 20.0 | 0.10 |
The largest downward effect on inflation came from electricity (-0.11 percentage point). Accommodation and vegetables had both an effect of -0.07 percentage point.
Sub-indices with the largest downward effect on inflation
| Sub-index | Weight (‰) | Effect on inflation (percentage point) | |
|---|---|---|---|
| 2018 | Apr/18 | ||
| 04.5.1 | Electricity | 32.4 | -0.11 |
| 11.2.0 | Accommodation | 8.5 | -0.07 |
| 01.1.7 | Vegetables | 15.8 | -0.07 |
Since the HICP of the neighbouring countries will not be published until later, comparisons can only be made for the month of March.
In March, inflation in Belgium was running at 1.5 %, unchanged from February. The Netherlands registered an inflation rate of 1.0 % in March; a decrease compared to an inflation rate of 1.3 % in February. Inflation in France in March amounted to 1.7 %, up from 1.3 % in February. Inflation in Germany in March amounted to 1.5 %, up from 1.2 % in February.
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Inflation based on the HICP-CT in Belgium stood at 1.4 % in March, also unchanged from February. In Germany, it was running at 1.5 %, up from 1.2 % in February. This inflation rate in France went up from 0.9 % in February to 1.1 % in March. This inflation rate in the Netherlands was running at 0.8 % in March, down from 1.0 % in February.
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