Europe: The inflation rate in Belgium has been increased to 8.97 percent, which is the highest level in 40 years as a result of the high energy crisis, as well as food inflation in the month of May.
According to a recent report from the National Bank of Belgium (NBB), the inflation rate had risen from 8.31 percent to 8.97 percent in the month of May this year, which is nearing the highest level ever recorded in August 1982, when the inflation stood at the 9.02 percent.
The NBB mentioned in the statement that “The high inflation this month, as in recent months, is large because of the high energy prices. The energy inflation currently stands at 56.80 percent and contributes 4.80 percentage points to total inflation.”
Moreover, electricity is now 54.44 percent more expensive than a year ago, while natural gas is 130.60 percent more expensive than in the month of May the last year, but on average 2.0 percent cheaper than in April. The Motor fuels, diesel and petrol costs at 31. 95 percent over a year ago.
Electricity is now 54.44% more expensive than a year ago, while natural gas is 130.60% more expensive than in May last year (but on average 2.0% cheaper than in April). Motor fuels (diesel and petrol) cost 31.95% more than a year ago.
“In addition, food inflation (including alcoholic drinks) has grown dramatically in recent months, now standing at 6.32 percent, up from 5.09 percent last month.” The food inflation rate had climbed dramatically compared to the previous year, reaching just 0.47 percent in November 2021.
Bread (11.8 percent, up from 1.7 percent in November), cereals (11.9 percent, up from 0.6 percent in November), and edible and frying oils (26.5 percent, up from 13.1 percent) have all seen sharp increases in recent months, owing mainly to the conflict in Ukraine and its impact on the global food supply.