Inflation Belgium 2023
Average inflation: 4.1%
Current Inflation
Inflation is high at 4.1%, well above the ECB target.
Peak and Trough
The highest inflation was in January at 8.0%. The lowest inflation was in October at 0.4%.
- Highest month
- January: 8.0%
- Lowest month
- October: 0.4%
- Difference
- 7.6 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Food and non-alcoholic beverages with an average of 13.7%. The lowest price increase was in Housing, water, electricity, gas and other fuels with an average of -9.5%.
- Highest increase
- Food and non-alcoholic beverages: 13.7%
- Lowest increase
- Housing, water, electricity, gas and other fuels: -9.5%
Historical Context
Current inflation is around the 5-year average of 3.7%.
- 5-year average
- 3.7%
- 10-year average
- 2.6%
- All-time high (2022)
- 9.6%
- All-time low (2009)
- -0.1%
Trend
Inflation shows an upward trend. Compared to 2022, inflation has risen by -5.5 percentage point.
- Change vs. previous year
- -5.5 percentage points
- Largest monthly swing
- October: -11.9 percentage points
ECB Target
Inflation is 2.1% above the ECB target of 2.0%. This means purchasing power is declining faster than intended.
Purchasing Power
At this inflation rate, purchasing power noticeably decreases. Without a salary increase, you can buy less with the same money.
What you could buy for €100 this year will cost approximately €104.10 next year at this inflation rate.
Multi-year trend
Monthly figures 2023
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2022 |
|---|---|---|
| January | 8.0% | +0.4 |
| February | 6.6% | -1.4 |
| March | 6.7% | -1.6 |
| April | 5.6% | -2.7 |
| May | 5.2% | -3.8 |
| June | 4.2% | -5.4 |
| July | 4.1% | -5.5 |
| August | 4.1% | -5.8 |
| September | 2.4% | -8.9 |
| October | 0.4% | -11.9 |
| November | 0.8% | -9.8 |
| December | 1.4% | -9.0 |
| Average | 4.1% |
Data source
Data from OECD. Last updated: 11/01/2026.