In October, Belgium experienced a record low inflation of -1.7 percent, according to the European definition. This figure was reported by Eurostat, but the Belgian statistical service Statbel announced it on Thursday. The negative figure is the lowest ever recorded in Belgium and equals the minus 1.7 percent also seen in July 2009.
Inflation in the euro zone fell to an annual rate of 2.9 percent in October, as reported by Eurostat’s flash estimate at the end of October. This is a two-year low for Belgium, which recorded 0.7 percent in September and 2.4 percent in August. The drop in inflation can be attributed largely to the fall in energy prices, according to Statbel, which reported that inflation was 0.36 percent based on the national inflation definition for October, or the lowest level since January 2021.
Statbel explained that there are differences between the “European inflation” (HICP) and national methods used to calculate inflation rates due to different weighting and composition of goods and services included in these indicators. For example, one difference lies in heating oil prices within each methodology used for calculating these indicators.
According to Statbel’s latest data, Belgian consumers enjoyed lower prices on goods and services compared to their European counterparts due to this unique situation resulting from a combination of global economic factors and specific circumstances within each country.
In conclusion, Belgium’s record low inflation rate in October has brought relief to consumers who have been facing rising prices for years now. While other countries continue to experience high levels of inflation due to various factors such as supply chain disruptions and geopolitical tensions, Belgium has been able to maintain its stability through strategic decision-making by its government and central bank officials.
The article highlights how important it is for governments and central banks around the world to monitor their economies closely and take necessary actions when needed, especially during times of global economic uncertainty like what we are currently experiencing with COVID-19 pandemic aftermath effects.
It also emphasizes how crucial it is for governments and central banks to work together with international organizations such as Eurostat and other statistical agencies worldwide to ensure accurate reporting of economic data that can help guide policymakers’ decisions effectively.
Overall, this article underscores how important it is for economies worldwide