Inflation in the Benelux - Statistics & Facts

Inflation rates in Belgium, Netherlands, and Luxembourg are at very high levels in 2022, likely due to the recovery from the coronavirus (COVID-19) pandemic and the Russia-Ukraine war. In the Netherlands, the inflation rate on the previous month in March of 2022 stood at 3.6 percent, the highest since the beginning of recording in 1966. Furthermore, the year-on-year inflation reached 9.7 percent in May of 2022, the highest since April 1976. A similar trend is seen in Belgium, where the inflation rate was 9.65 percent compared to the previous year. By comparison, Luxembourg experienced an inflation rate of 6.96 percent in April of 2022, the highest in the recorded period. The core inflation rate, calculated as the inflation rate excluding the food and energy sectors, reached a new high in May 2022 of 4.5 percent. This is notably lower than the usual inflation rate, indicating how high the inflation rates of the food and energy sectors are.

Sectoral breakdown

A breakdown of consumers' expenditure categories shows that in the Netherlands, in June 2022 there has been a significant increase in the prices of transport, housing and food, each increasing by over ten percent compared to the same month the previous year. Prices in the food sector have soared as a consequence of food shortages and the Russian invasion, reaching an inflation rate of 11.2 percent in the Netherlands. Belgium also finds itself in a similar situation, since December 2021, non-food goods and food goods have increased by almost 10 percentage points since then. Taking a deeper dive into the food and non-alcoholic beverage sector, the inflation rate reached 8.62 percent in June of 2022, the highest it has been in the recorded period. In Luxembourg, the transport sector experienced an inflation rate of 26 percent in May 2022, whilst the sector of housing, water, electricity, gas and other fuels reached almost 10 percent in the same period.

International comparisons

Inflation rates in each of the Benelux countries are comparable to those experienced in the rest of the world, as worldwide inflation reached 9.22 percent in March of 2022. Part of this inflation rate can be explained by the Russia-Ukraine war, and when looking at the forecasted inflation rate adjusted to the war in June of 2022, the Netherlands ranks highest among countries in Western Europe with 9.2 percent, compared to the UK with 8.8 percent. Furthermore, much like the Benelux countries, countries in the European Union are also confronted with escalating food prices, as the inflation rate for food in the EU reached 6.7 percent in March of 2022, which was the highest in the recorded time period and on par with the Netherlands and Belgium, who experienced inflation rates of 6.2 percent and 4.8 percent respectively in the same time period. These rates, however, are not as severe as price increases experienced in the energy sector, which reached 40.2 percent in March of 2022, compared to 23.63 percent for the housing, water and energy sector in Belgium and 11.3 percent in the Netherlands, both in June of 2022.
This text provides general information. Statista assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text.
Published by Statista Research Department, Jul 21, 2022

Key insights

Inflation rate in the Netherlands
5.2%
Inflation rate in Belgium
5.2%
Inflation rate in Luxembourg
3.7%
Get more insights

Editor’s Picks Current statistics on this topic

Percentage change on the previous year in CPI inflation rate in the Netherlands from January 1963 to April 2023

Key Economic Indicators

CPI inflation rate in the Netherlands, per month 1963-2023

Inflation rate in Belgium from January 2019 to May 2023 (CPI compared to the same month of the previous year)

Economy

Rate of inflation in Belgium 2019-2023

CPI inflation rate in Luxembourg from January 2020 to April 2023

Key Economic Indicators

CPI inflation rate Luxembourg 2020-2023

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