Inflation in 2020: energy prices lower than in 2019
0.74%: this was the average annual inflation rate for 2020 in Belgium, according to a statement from Statbel. This therefore means that consumer prices have increased very little this year. In comparison, this rate was 1.47% in 2019, almost twice as high as in 2020.
The cause of this low inflation is, not surprisingly, linked to the health crisis that brought the whole world to a standstill last March. The energy sector, in particular, has been hit hard.
What will 2021 hold in store for us? Should we expect prices to rise as the economy recovers?
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More expensive food, but plummeting energy prices
The exceptional situation imposed on us by COVID-19 has seen two opposing trends emerge in consumer prices:
- On the one hand, food prices have risen overall in the past 12 months for a variety of reasons. One is that Belgian consumers have had to shop more to eat at home.
- On the other hand, the stagnation imposed by the “lockdown” caused the demand for oil, and therefore its price, to fall. Through a domino effect, this also drove down the prices of electricity and gas, which are highly correlated with the price of oil. It should also be noted that there has also been a considerable drop in mobile subscription prices.
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