Belgian inflation passes 8%; could rise further due to Ukraine conflict

Belgian inflation passes 8%; could rise further due to Ukraine conflict
Belgian inflation continues to skyrocket. Credit: Belga

Belgian inflation surpassed 8% in February, the government announced on Thursday, just as EU countries ready for an economic blowback from sanctions on Russia.

The rate of inflation estimated by Statbel for the month ending on Monday hit 8.04%, up from 7.59% and at its highest level since March 1983, when it reached 8.92%.

Statbel attributed the spike to pumped-up prices on energy markets that show no sign of stalling with the conflict over Ukraine.

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"Energy inflation is currently running at 60.99%, and is responsible for 5.03 percentage points in total inflation," the agency said on its website.

Underlying inflation, stripping out the volatile effects of shorter-term energy price fluctuations, was 3.28% in February, up from 2.98% in January, it added.


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