Inflation in the eurozone hit a record high of 1.5 percent in October, up from 1.3 percent in

Key Highlights :

1. Belgian consumer prices have continued to rise, jumping 20.6% in March from a year ago.

2. The spike was mainly attributed to a surge in energy prices.

3. Test Achats called on the government to think about ways to help households, including the introduction of an anti-inflation basket of products like the one that has been set up in France.

     Consumer price inflation has hit an all-time high in Belgium due to soaring energy costs, a study by Test Achats foundation shows.

     Belgium’s consumer price index (CPI) rose by 2.9 percent in the twelve months to October 2017, the highest rate in the European Union, according to Test Achats foundation.

     The main drivers of the increase were energy costs (up by 9.5 percent), food (up by 5.2 percent), transport (up by 5.1 percent), and housing (up by 3.8 percent).

     “The surge in energy prices is the main reason for the high inflation rate,” Test Achats foundation said in a statement.

     Belgium’s energy prices are among the highest in the world. The country’s average electricity price is 35.5 cents per kilowatt hour, which is more than double the EU average of 15.8 cents per kilowatt hour.

     Belgium’s high electricity prices are also the result of government subsidies that have been in place for more than thirty years.

     The Test Achats foundation said that the high inflation rate is a “serious concern” and that it could have “serious consequences” for the Belgian economy.

     The Belgian government has announced plans to reduce energy prices in order to bring down the inflation rate.

Continue Reading at Source : rt