In the euro area, 12% of prices are adjusted each month. One third of these adjustments are price cuts which, on average, are more significant than price increases. The frequency and scale of these #priceadjustments vary greatly from one sector to another. For example, prices for services (6%) are adjusted less often than those for unprocessed foods (31%).

Consumer confidence plummets in September. Rising energy prices, inflation and the war in Ukraine are weighing heavily on consumer sentiment. Consumers are pessimistic about both the Belgian economy as a whole and their personal situation.

Read the market release by the National Bank of Belgium here.

According to the latest foreign trade figures, Belgium had a record trade deficit of €5.5 billion in July 2022, mainly due to rising energy prices. Import growth was driven by the arrival on our shores of a new COVID-19 drug, while foreign trade in natural gas continued its strong upward trajectory. 

The world of online payments is constantly changing as new services and protections are introduced. The National Bank keeps a close eye on the latest developments. Find out what’s changed and read more about the NBB’s mission in this regard.

According to the National Bank's nowcast, the Business Cycle Monitor, galloping energy prices are expected to bring about a slight contraction in economic activity in the third quarter, although the economy grew somewhat in the second quarter.

Inflation in the euro area remains far too high. Therefore, the ECB's Governing Council decided on 8 September to raise the bank's three key interest rates by 75 basis points. In this way, the ECB is accelerating the transition from an accommodative monetary policy with low interest rates to one that will ensure a timely return of inflation to 2 per cent in the medium term.