Brussels Governance MonitorHICP: Belgian inflation significantly exceeds other European capitals
HICP — annual average inflation rate
| Entity | Value | Date |
|---|---|---|
| BE10 | 4,3 % | 31 December 2024 |
| AT13 | 2,9 % | 31 December 2024 |
| DK01 | 1,3 % | 31 December 2024 |
| NL33 | 3,3 % | 31 December 2024 |
| DE30 | 2,2 % | 31 December 2024 |
| FR10 | 2,3 % | 31 December 2024 |
Methodology
Comparison of the annual average inflation rate measured by the Harmonised Index of Consumer Prices (HICP), published by Eurostat (table prc_hicp_aind). The HICP is calculated using a common methodology across all EU Member States, ensuring cross-country comparability. Values correspond to the annual average change in the all-items index (CP00) for 2024. Data are available at national level only; country-level values are used as proxies for the respective capital regions.
Comparability limitations
The HICP is published by Eurostat at national level only, not at NUTS-2 (regional) level. The values presented here are the respective national inflation rates (Belgium, Austria, Denmark, the Netherlands, Germany, France) used as proxies for the capital regions. Actual inflation in each capital region may diverge from the national level due to specific consumption patterns and housing markets.
Context
The Harmonised Index of Consumer Prices (HICP) is the reference indicator used by the European Central Bank (ECB) and Eurostat to measure inflation across the European Union. It is calculated using a common methodology for all Member States, making it the preferred tool for international comparisons. The ECB's price stability objective is an inflation rate of 2% over the medium term.
The data compared
In 2024, Belgium recorded an annual average inflation rate of 4.3% according to the HICP — the highest among the six countries compared, and more than double the ECB target. The Netherlands follows at 3.3%, then Austria (2.9%), France (2.3%), Germany (2.2%) and Denmark (1.3%).
Two structural factors explain the Belgian differential. First, energy prices continued to weigh on the index in 2024, with Belgium being particularly exposed to natural gas market volatility. Second, the automatic wage indexation mechanism — a Belgian specificity within the euro area — creates a second-round effect: price increases feed wage increases, which in turn feed prices. This mechanism, absent in the five other countries compared, contributes to the persistence of inflation.
Implications for the Brussels Region
The absence of a fully empowered regional government in Brussels means that no regional corrective measures could be deployed to mitigate the impact of inflation on Brussels households. Yet the Brussels-Capital Region has a high concentration of low-income households that are particularly vulnerable to price rises — especially in food, housing and energy. In the other capitals compared, targeted regional or municipal measures (rent caps in Berlin, tariff shields in Ile-de-France, energy subsidies in Wien) have complemented national action. In Brussels, institutional paralysis has prevented any such initiative at regional level.
Sources
- Eurostat, HICP — annual average rate of change (prc_hicp_aind), data extracted February 2026
- ECB, Price stability objective, accessed 8 February 2026
- NBB, Economic Review — December 2025, chapter "Inflation and indexation"
- IBSA, Brussels socio-economic dashboard 2025
Source: Eurostat — prc_hicp_aind
Last updated: 10 February 2026