- Belgium's inflation rate based on the European harmonised index of consumer prices (HICP) was running at 2.2 % in March compared to 2.0 % in February. Core inflation (inflation without energy and unprocessed food) stands at 1.5 % in March.
- The inflation rate based on the consumer price index (CPI) for March stood at 2.3 % compared to 2.2 % in February.
- The sub-indices with the largest upward effect on inflation were electricity, motor fuels, domestic heating oil, travels abroad, tobacco and gas.
- The sub-indices with the largest downward effect on inflation were housing rent, meat, telecommunication and clothing.
- The harmonised index of consumer prices of March for the EU Member States will be published by Eurostat on 17 April.
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Inflation based on the European harmonised index of consumer prices (HICP) was running at 2.2 % in March compared to 2.0 % in February. Inflation based on the harmonised index of consumer prices at constant tax rates (HICP-CT) was running at 2.0 % in March, up from 1.7 % in February. 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.
Inflation and effect on inflation for the 12 main groups
Based on the breakdown into 12 main groups, the highest inflation rate in March was measured for "housing, water, energy" (4.2 %). The lowest inflation rate was measured for "communication" (0.2 %).
The main group with the largest upward effect on inflation in March was "housing, water, energy" with an effect on inflation of 0.4 percentage point. The largest downward effect was measured for "food and non-alcoholic beverages" (-0.2 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 | ||||||||
| Jan/19 | Feb/19 | Mar/19 | Mar/19 | Jan/19 | Feb/19 | Mar/19 | |||
| 0 | Total expenditure | 1000.0 | 1.8 | 2.0 | 2.2 | 2.0 | |||
| 1 | Food and non-alcoholic beverages | 165.0 | 1.0 | 0.7 | 1.0 | 1.0 | -0.1 | -0.2 | -0.2 |
| 2 | Alcoholic beverages and tobacco | 49.7 | 4.6 | 4.1 | 2.9 | 1.1 | 0.1 | 0.1 | 0.0 |
| 3 | Clothing and footwear | 53.2 | 0.4 | 0.6 | 0.7 | 0.7 | -0.1 | -0.1 | -0.1 |
| 4 | Housing, water and energy | 162.8 | 3.1 | 3.6 | 4.2 | 4.1 | 0.3 | 0.3 | 0.4 |
| 5 | Interior decoration and household appliances | 74.1 | 0.8 | 0.8 | 0.6 | 0.6 | -0.1 | -0.1 | -0.1 |
| 6 | Health | 81.5 | 1.0 | 1.0 | 1.0 | 1.0 | -0.1 | -0.1 | -0.1 |
| 7 | Transport | 123.6 | 1.7 | 2.6 | 3.5 | 2.8 | 0.0 | 0.1 | 0.2 |
| 8 | Communication | 32.9 | 0.4 | 0.6 | 0.2 | 0.2 | 0.0 | 0.0 | -0.1 |
| 9 | Recreation and culture | 87.8 | 2.3 | 3.3 | 2.8 | 2.8 | 0.1 | 0.1 | 0.1 |
| 10 | Education | 5.0 | 1.3 | 1.3 | 1.3 | 1.3 | 0.0 | 0.0 | 0.0 |
| 11 | Hotels, cafés and restaurants | 80.7 | 1.0 | 1.0 | 2.0 | 2.0 | -0.1 | -0.1 | 0.0 |
| 12 | Various goods and services | 83.7 | 2.1 | 2.0 | 2.0 | 2.0 | 0.0 | 0.0 | 0.0 |
Inflation according to specific aggregates
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 8.6 % in March compared to 6.2 % in February. Prices increased on average by 1.6 % compared to the previous month. The average inflation rate of this aggregate for the last twelve months is 10.1 %.
- Inflation for processed food products amounts to 1.7 % in March compared to 1.9 % in February 2.2 % in January. Prices increased on average by 0.2 % compared to February.
- Inflation for unprocessed food (fruit, vegetables, meat and fish) amounts to 0.2 % in March compared to -0.2 % in February and 0.4 % in January. Prices increased on average by 2.7 % compared to February. The average inflation rate of this aggregate for the last twelve months is 1.9 %.
- Inflation for non-energy industrial goods remained unchanged from February at 1.0 % in March. On average, prices remained stable compared to February.
- Inflation for services was running at 1.8 % in March, also unchanged from February. Prices decreased by 0.2 % on average compared to the previous month.
Core inflation (inflation without energy and unprocessed food) amounted to 1.5 % in March, a slight decrease compared to 1.6 % in February. Average core inflation over the last 12 months has also been 1.6 %. On average, prices of this subaggregate remained stable compared to the previous month.
Inflation according to specific aggregates
| Specific aggregates | Weight (‰) | Inflation on annual basis (%) | 12-month average (%) | Monthly change | ||
|---|---|---|---|---|---|---|
| Jan/19 | Feb/19 | Mar/19 | Mar/19 | Mar/19 | ||
| Total expenditure | 1000.0 | 1.8 | 2.0 | 2.2 | 2.4 | 0.2 |
| Fuels and energy sources | 97.4 | 4.3 | 6.2 | 8.6 | 10.1 | 1.6 |
| Processed food products | 171.5 | 2.2 | 1.9 | 1.7 | 2.6 | 0.2 |
| Unprocessed food | 43.2 | 0.4 | -0.2 | 0.2 | 1.9 | 2.7 |
| Non-energy industrial goods | 267.2 | 0.9 | 1.0 | 1.0 | 0.9 | 0.0 |
| Services | 420.8 | 1.7 | 1.8 | 1.8 | 1.6 | -0.2 |
| HICP without energy and unprocessed food (core inflation) | 859.4 | 1.6 | 1.6 | 1.5 | 1.6 | 0.0 |
Effect of sub-indices on inflation
The largest upward effect on inflation was caused by electricity (0.21 percentage point). Motor fuels provided an effect of 0.20 percentage point. Domestic heating oil provided an effect of 0.17 percentage point. Travels abroad provided an effect of 0.09 percentage point. Finally, tobacco and gas had an impact of 0.08 and 0.07 percentage point, respectively.
Sub-indices with the largest upward effect on inflation
| Sub-index | Weight (‰) | Effect on inflation (percentage point) | |
|---|---|---|---|
| 2019 | Mar/19 | ||
| 04.5.1 | Electricity | 31.9 | 0.21 |
| 07.2.2 | Motor fuels | 34.9 | 0.20 |
| 04.5.3 | Domestic heating oil | 12.5 | 0.17 |
| 09.6.0 | Travels abroad | 13.9 | 0.09 |
| 02.2.0 | Tobacco | 30.5 | 0.08 |
| 04.5.2 | Gas | 17.2 | 0.07 |
The largest downward effect on inflation came from housing rent (-0.08 percentage point). Meat, telecommunication and clothing had an effect of -0.07 percentage point each.
Sub-indices with the largest downward effect on inflation
| Sub-index | Weight (‰) | Effect on inflation (percentage point) | |
|---|---|---|---|
| 2019 | Mar/19 | ||
| 04.1.0 | Housing rent | 62.7 | -0.08 |
| 01.1.2 | Meat | 41.9 | -0.07 |
| 08.3.0 | Telecommunication | 30.8 | -0.07 |
| 03.1.2 | Clothing | 42.1 | -0.07 |
Comparison with neighbouring countries
Since the HICP of the neighbouring countries will not be published until later, comparisons can only be made for the month of February.
In February, inflation in Belgium was running at 2.0 %, up from the 1.8 % registered in January. The Netherlands registered an inflation rate of 2.6 % in February; an increase compared to an inflation rate of 2.0 % in January. Inflation in France in February amounted to 1.6 %, up from 1.4 % in January. Inflation in Germany was running at 1.7 % in February, and remained unchanged from January.
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Belgium's inflation rate based on the HICP-CT stood at 1.7 % in February, up from a rate of 1.5 % in January. In Germany, this inflation amounted to 1.7 %, just like the regular HICP inflation. In France, this inflation rate increased to 1,2 % in February compared to 1,1 % in January. In the Netherlands, this inflation was running at 1.1 % in February, up from 0.5 % in January.
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