Belgium: energy inflation rate by commodity 2024

The inflation rates of various energy commodities in Belgium plummeted in the first half of 2023. Gas saw a steep decrease, with the inflation rate standing at -74.3 percent in October 2023 after it had peaked in September 2022 at 129.9 percent. These developments occurred following Russia's invasion of Ukraine, which has been the cause of uncertainty over Europe's security of gas supply, as well as intense energy price volatility. However, in 2024, the prices have recovered compared to the previous year.

Harmonized index of consumer prices (HICP) energy inflation rate in Belgium from January 2019 to May 2024, by commodity

Characteristic	Energy	Gas	Liquid fuels	Electricity
May '24	20.4%	81.1%	30.6%	3.6%
Apr '24	17.1%	78.4%	23.2%	1.9%
Mar '24	4.5%	28.2%	22.8%	-14.9%
Feb '24	-0.2%	-2.1%	27.3%	-12.2%
Jan '24	-22.3%	-45%	5.5%	-31.8%
Dec '23	-28.7%	-56.4%	4.8%	-35.5%
Nov '23	-36.5%	-68.4%	-8.9%	-42.1%
Oct '23	-42.6%	-74.3%	-16.6%	-50.7%
Sep '23	-33.9%	-69.9%	-3.6%	-43.9%
Aug '23	-28.9%	-62.1%	-4.2%	-36.2%
Jul '23	-33.2%	-59%	-44.4%	-27.1%
Jun '23	-36%	-61.7%	-47.9%	-29.2%
May '23	-32.6%	-57.1%	-44.5%	-26.3%
Apr '23	-27.1%	-58.6%	-31.3%	-20.4%
Mar '23	-19.2%	-43%	-32.3%	-2.3%
Feb '23	-14.7%	-28.7%	-13.2%	-16%
Jan '23	0.9%	-6.4%	8.3%	2.8%
Dec'22	33%	70.3%	21.7%	35.5%
Nov'22	37.9%	61.8%	39.7%	41.9%
Oct'22	69.2%	125.6%	62.6%	84.7%
Sep '22	67.2%	129.9%	64.6%	81.3%
Aug '22	55.3%	103.3%	63.6%	57.2%
Jul '22	55.1%	93.8%	93.3%	44.7%
Jun '22	64.6%	105.6%	115.9%	49%
May '22	65.5%	126.3%	101.8%	54.4%
Apr '22	62.9%	135.2%	94.3%	49.7%
Mar '22	64.8%	143.6%	89.3%	49.9%
Feb '22	65.9%	133.2%	58.9%	72.8%
Jan '22	67%	147.8%	54.1%	70.8%
Dec '21	46.8%	94.4%	49.5%	44.1%
Nov '21	55.7%	113.1%	78.7%	41.8%
Oct '21	40.6%	75.5%	78.4%	25.8%
Sep '21	27.3%	47.6%	58.1%	17.3%
Aug '21	24.5%	48%	39.3%	17.4%
Jul '21	22.1%	37.8%	40.5%	15.3%
Jun '21	18.8%	24.7%	46.8%	10.3%
May '21	19.8%	16%	68.4%	8.4%
Apr '21	16.2%	12.4%	43.3%	7.9%
Mar '21	8.7%	7.4%	20%	4.4%
Feb '21	0.1%	4.2%	-6.9%	1.8%
Jan '21	-6.7%	-1.6%	-23.2%	-0.4%
Dec '20	-9.2%	-8.1%	-27.5%	-4.5%
Nov '20	-11.1%	-8.7%	-34.3%	-4.5%
Oct '20	-11%	-10.2%	-35%	-4.2%
Sep '20	-11.9%	-13.7%	-35.6%	-6.2%
Aug '20	-10.6%	-15.1%	-27.2%	-6%
Jul '20	-11.2%	-15.3%	-27.8%	-6.5%
Jun '20	-13.1%	-16.4%	-31.8%	-7.7%
May '20	-18.9%	-16.2%	-48.6%	-7.9%
Apr '20	-16.8%	-15.8%	-40.9%	-7.6%
Mar '20	-11.8%	-16.8%	-26.5%	-8.3%
Feb '20	-5.6%	-15.4%	-7.8%	-7.2%
Jan '20	-0.3%	-14%	9.6%	-6.3%
Dec '19	-3.7%	-15%	2.6%	-5.8%
Nov '19	-8.6%	-16.9%	-9.1%	-8.1%
Oct '19	-9%	-16.8%	-12.6%	-5.6%
Sep '19	-5.3%	-11.7%	-8%	-0.4%
Aug '19	-4.6%	-11.2%	-7.3%	-0.2%
Jul '19	-2.8%	-9.5%	-4.6%	1%
Jun '19	-1.3%	-2.8%	-8.3%	4.5%
May '19	3.7%	-0.8%	4.7%	5.4%
Apr '19	5.5%	1%	9.4%	6.3%
Mar '19	8.6%	6%	13.9%	8.6%
Feb '19	6.2%	5.6%	8%	8.2%
Jan '19	4.3%	7.2%	-1.3%	9%

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Release date

June 2024

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Region

Belgium

Survey time period

January 2019 to May 2024

Supplementary notes

According to the source, the Harmonized Indices of Consumer Prices (HICP) measure changes in the prices of consumer goods and services over time. These indices provide comparable measures of inflation.

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Energy price inflation rate in Belgium 2019-2024, by commodity