Belgium Raises 2027 Inflation Forecast; Index Trigger Moves Up to November

Belgium's Bureau du Plan has revised its inflation forecast for 2027 upward, with the health index now expected to average 4.5% in 2027, up from prior projections. The pivot index, which triggers automatic indexation of social benefits and civil servant salaries, is now expected to be exceeded in November (and next February), earlier than the previous forecast of November 2026 and April 2027. This implies faster wage and benefit indexation, adding to domestic inflationary pressures and potentially complicating ECB policy normalization.

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