Belgium is witnessing a surge in food prices that closely mirrors the trends seen in its neighboring countries, as indicated by a recent study conducted by the Federal Public

Service (FPS) Economy. Economy Minister Pierre-Yves Dermagne unveiled the study's findings on Tuesday, shedding light on the matter. This investigation was initiated after the consumer organization Testaankoop raised concerns about possible "greedflation" within Belgian supermarkets just last month.

In recent months, inflationary pressures have left many Belgians grappling with the perception that food prices are skyrocketing. To address these concerns, Minister Dermagne instructed the FPS Economy to systematically monitor food prices on a monthly basis before the summer season. In presenting the survey results on Tuesday, Dermagne pointed out that Belgium's food price inflation is closely aligned with that of the Netherlands.

"No Discernible Anomalies"

The experts at FPS Economy scrutinized the prices of staple food items, including bread, flour, pasta, milk, beef, pork, sausages, cheese, and sugar. Minister Dermagne reported that the survey did not uncover any notable anomalies in Belgian food prices. He further highlighted that the French, Germans, and Dutch are experiencing similar price trends. Since the beginning of 2022, the steepest price increase was observed in Germany, while France recorded the lowest increase, with Belgium and the Netherlands falling in between.

Deputy Prime Minister Dermagne viewed these findings as reassuring, particularly noting that meat and sugar prices in Belgium have risen at a comparatively slower pace than in neighboring countries.

The Specter of "Greedflation"

A recent study by Testaankoop, released in early August, revealed that supermarket products in Belgium are becoming more expensive at a reduced rate compared to previous periods, although prices are still on the rise. Testaankoop questioned the ongoing price hikes in supermarkets, particularly considering the backdrop of falling international commodity and energy prices in preceding months.

The consumer organization has reiterated its call for a thorough investigation into the possibility of 'greedflation' within supermarkets. This term refers to the practice of companies raising prices disproportionately to bolster their profits. Amidst a climate of high inflation exacerbated by surging energy costs, consumers have reluctantly accepted price hikes in both supermarkets and other retail outlets.