Inflation in Belgium saw a notable decrease in December 2025. According to recent Eurostat figures, the year-on-year inflation (HICP) in Belgium has dropped to 2.2%. This is a further reduction from the 2.6% recorded in November 2025, and a significant decline since the peak earlier this year.
Context
The evolution of inflation has direct consequences for the Belgian economy and the daily lives of citizens. After a period of high price increases, primarily driven by energy prices and supply chain disruptions, inflation now appears to be stabilizing and even decreasing. This is a welcome change for consumers and businesses in sectors such as retail and transport, where margin pressures have been high. This development is closely monitored, especially in cities like Antwerp, Ghent, and Brussels, given the concentration of economic activity and consumption.
The Figures
The most recent data on inflation in Belgium shows a consistent decline during the last months of 2025. Year-on-year inflation, measured by the Harmonised Index of Consumer Prices (HICP), stood at 2.2% in December. In the preceding months, we already observed a gradual decrease. In January 2025, inflation was still at 4.4%, after which it fluctuated and eventually steadily declined to its current level.
Impact on various sectors
This downward trend is visible across various product groups, although the effects are not uniform. The food industry and the energy sector, for example, continue to face challenges, but overall price pressure is diminishing. For the service sector, including tourism and hospitality, lower inflation could lead to a recovery in consumer confidence and an increase in spending. The construction sector may also benefit from stabilizing raw material prices.
The Harmonised Index of Consumer Prices (HICP) for Belgium showed an annual inflation rate of 2.2% in December 2025, down from 2.6% in November. — Eurostat (data.europa.eu)
What it Means for Belgians
For the average Belgian consumer, lower inflation potentially means increased purchasing power over time. Less rapidly rising prices for everyday goods and services, from groceries in supermarkets to housing costs, ease the financial pressure on households. This could lead to an increase in savings or discretionary spending, which could boost domestic demand. Governments and social partners in Belgium, such as trade unions and employer organizations, will also closely monitor this trend when determining wage indexations and other socio-economic measures.
The falling inflation in December 2025 is a positive signal for the Belgian economy, although vigilance remains necessary. The evolution of geopolitical tensions and international trade relations could influence future price developments. Moving forward, it will be crucial to see how the Belgian and European Central Banks respond with their monetary policy, and whether this trend continues into the new year.