Latest reading: Consumer prices increased 3.7% on a year-on-year basis in December, following a 3.5% increase in the prior month...
Inflation in Belgium
Harmonized consumer price inflation averaged 2.7% in the ten years to 2024. The 2024 average figure was 4.3%. For more inflation information, visit our dedicated page.
Belgium Inflation Chart
Note: This chart displays Inflation (HICP, ann. var. %, aop) for Belgium from 2014 to 2025.
Source: Macrobond.
Belgium Inflation Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Inflation (HICP, ann. var. %, aop) | 0.4 | 3.2 | 10.3 | 2.3 | 4.3 |
| Inflation (HICP, ann. var. %, eop) | 0.4 | 6.6 | 10.2 | 0.5 | 4.4 |
Inflation ebbs in December from November
Latest reading: Harmonized consumer prices increased 2.2% on a year-on-year basis in December, following a 2.6% rise in the previous month. December's reading was the weakest since January 2024 but remained above the ECB’s 2.0% target for the 23rd straight month. Harmonized inflation slowed to an average 3.0% in 2025 as a whole (2024: 4.3%). Relative to the prior month's data, in December there were milder price pressures for food and non-alcoholic beverages (+2.7% yoy vs +2.9% in November), transportation (+1.8% vs +2.1% in November), housing and utilities (+0.9% vs +3.4% in November), recreation (+3.2% vs +3.7% in November) and restaurants and hotels (+4.0% vs +4.8% in November). Meanwhile, consumer prices were up 2.1% in annual terms in December, following a 2.4% rise in the prior month. Lastly, harmonized consumer prices increased 0.31% in December in month-on-month terms, following a 0.26% rise in the prior month.
Outlook: Our Consensus is for harmonized inflation to ease from Q4’s average in Q1, temporarily falling below the ECB’s 2.0% target, before rebounding close to the target from Q2 through Q4. Overall in 2026, harmonized inflation is expected to decrease from 2025 on average but remain slightly higher than the euro area average, fueled by Belgium’s wage-indexation system.
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Belgian inflation projections for the next ten years from a panel of 18 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable inflation forecast available for Belgian inflation.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Belgian inflation projections.
Want to get access to the full dataset of Belgian inflation forecasts? Send an email to info@focus-economics.com.
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