Belgium Inflation Rate Edges Down to 2% in October

Belgium’s annual inflation rate eased to 1.1% in January 2026, the lowest reading since November 2023 and down from 2.06% in December 2025. The largest negative contribution to overall inflation came from housing and utilities, subtracting 0.43 percentage points, while the biggest positive contribution came from hotels and restaurants, adding 0.46 percentage points. Electricity prices declined (-4.3% versus 3.2%) and energy deflation accelerated (-9.24% versus -5%). Additionally, price growth eased for services (4.32% versus 4.54%) and rent (3.55% versus 3.91%), with food inflation slowing to 0.44%. Core inflation, which does not take into account price evolutions of energy products and unprocessed food, also fell to 2.54% in January, down from 3% in December. On a monthly basis, inflation rose to 0.44%, up from 0.07% in the previous month.

Belgium’s annual inflation eased to 2.06% in December 2025 from 2.4% in November, mainly driven by slower price growth in food and non-alcoholic beverages (2.81% vs 3.07% in November), alcoholic beverages and tobacco (1.64% vs 2.47%), health (1.34% vs 1.42%), furnishings, household equipment and maintenance (3.74% vs 4.58%), and recreation and culture (3.24% vs 5.27%), while prices declined in housing and utilities (-0.16% vs 0.95%). Offsetting some of the moderation, prices rebounded in clothing and footwear (0.28% vs -1.08%) and accelerated in transport (2.30% vs 1.84%). On a monthly basis, consumer prices rose 0.07%, following 0.56% in the previous month.

Belgium’s annual inflation rate eased slightly to 2% in October 2025 from 2.12% in the previous month, mainly due to slowing prices for food & non-alcoholic beverages (2.79% vs 3.38% in September); alcoholic beverages & tobacco (2.10% vs 3.31%) and furnishings & household equipment (3.44% vs 4.32%). On the other hand, prices accelerated mostly for restaurants & hotels (4.38% vs 3.91%) and education (2.39% vs 1.61%). On a monthly basis, consumer prices rose by 0.36%, after decreasing by 0.3% in the prior month.