<p><img src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/05/Flags-of-Belgium-and-the-EU.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1536" height="1024" original-src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/05/Flags-of-Belgium-and-the-EU.png"/></p>
<p>比利時在四月份的突然通貨膨脹激增，受到能源衝擊影響，波及更廣泛的消費價格，促使 ING 經濟學家警告可能出現一種危險模式，這種模式可能在歐洲蔓延。</p>
<p>ING 的高級經濟學家 Philippe Ledent 警告稱，這一激增使得整體通貨膨脹從三月份的 1.65% 上升至 4%，有可能重新點燃 2022 年擾亂歐元區的廣泛價格壓力。</p>
<p>ING 經濟學家警告稱，比利時的通貨膨脹衝擊並非孤立事件，而是可能預示着歐元區重新出現價格壓力。</p>
<h2>能源衝擊與通貨膨脹激增</h2>
<p>根據 ING 經濟學的數據顯示，比利時的通貨膨脹從三月份的 1.65% 躍升至四月份的 4%。</p>
<p>這一上升是由劇烈的能源衝擊引發的，歐元計價的油價同比上漲超過 10%——這是二十年來的最大增幅。</p>
<p>能源通貨膨脹從一月份的-8% 轉為四月份的 +12%，突顯了衝擊的嚴重性。</p>
<p>ING 比利時和盧森堡的高級經濟學家 Philippe Ledent 表示，關注點不再僅限於能源。他指出，消費者價格中出現的溢出跡象使得這一論點變得越來越難以成立。</p>
<p><img src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/05/image-1778683694.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1017" height="622" original-src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/05/image-1778683694.png"/></p>
<p>來源：ING 研究</p>
<h2>消費價格的溢出效應</h2>
<p>比利時的消費者價格指數追蹤 215 類商品和服務。</p>
<p>ING 的分析顯示，通貨膨脹超過 2% 的商品比例從年初的 39% 上升至四月份的 51%。</p>
<p>按年計算，通貨膨脹超過 4% 的商品比例從 21% 增加到 27%。</p>
<p>最引人注目的是，與上個月相比，通貨膨脹上升的商品比例。</p>
<p>這一比例歷史平均為 43%，但在 2026 年初降至 27%，顯示出正常化的跡象。</p>
<p>但在四月份，這一比例激增至 62%，這是在 2021-2022 年通貨膨脹浪潮之外很少見的水平。</p>
<p>Ledent 警告稱，這一指標之前曾導致整體通貨膨脹，暗示着更廣泛激增的風險。</p>
<h2>對歐洲的警告</h2>
<p>ING 經濟學強調，如果比利時的通貨膨脹模式持續並蔓延至歐元區，歐洲中央銀行（ECB）將面臨類似於 2022 年的困境。</p>
<p>當時，原本看似暫時的能源激增成為自 1970 年代以來最強的通貨膨脹激增。</p>
<blockquote>
<p>如果四月份的模式持續，尤其是如果它蔓延至歐元區，歐洲央行從 2022 年得到的教訓是明確的：要提前行動，否則將再次落後於形勢。</p>
</blockquote>
<p>報告強調了滯漲的風險，即更高的利率未能遏制能源驅動的通貨膨脹，但仍然壓縮需求。</p>
<p>ING 警告稱，中央銀行必須跟蹤這一衝擊是否保持侷限，或擴展為更廣泛的通貨膨脹浪潮。</p>
<h2>競爭力岌岌可危</h2>
<p>比利時的自動工資指數化系統加劇了通貨膨脹衝擊。</p>
<p>工資和許多福利直接與價格掛鈎，這意味着四月份的激增將觸發年初未預見的名義工資增長。</p>
<p>這可能會侵蝕競爭力，因為鄰國的調整速度較慢。</p>
<p>比利時政府已提議對高收入和養老金的指數化進行上限，但工會和僱主則推動平滑調整的時機。</p>
<p>ING 經濟學指出，辯論已加劇，企業警告突發的競爭力衝擊，而工會則抵制削減購買力。</p>
<p><img src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/05/image-1778683795.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1003" height="602" original-src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/05/image-1778683795.png"/></p>
<p>來源：ING 研究</p>
<h2>更廣泛的歐洲影響</h2>
<p>ING 經濟學強調，比利時的經歷是對歐洲的警示信號。</p>
<p>如果能源衝擊觸發自動工資增長並在各類商品中引發更廣泛的通貨膨脹，歐元區可能面臨重新出現的通貨膨脹壓力，正當政策制定者認為最壞的情況已經過去。</p>
<p>Ledent 總結道，這一衝擊的時機尤其具有破壞性。</p>
<blockquote>
<p>價格衝擊加劇了對大多數收入自動指數化的辯論，並提高了商業競爭力的風險。</p>
</blockquote>
<p>比利時四月份的通貨膨脹激增，雖然由能源驅動，但現在波及更廣泛的類別，清楚地提醒了歐洲對重新出現價格衝擊的脆弱性。</p>
<p>ING 經濟學和 Philippe Ledent 警告稱，除非得到遏制，否則這一模式可能在歐元區蔓延，迫使歐洲央行再次面臨艱難的政策鬥爭。</p>
<p>這篇文章的標題為《ING 警告比利時的通貨膨脹衝擊可能蔓延至歐洲》，首次發佈於 Invezz。</p>

荷蘭國際

<p>比利時的通貨膨脹率在四月份飆升至 4%，而三月份為 1.65%，這主要是受到能源衝擊的推動，ING 經濟學部警告稱，歐洲可能面臨潛在的廣泛通貨膨脹。高級經濟學家 Philippe Ledent 強調，這一激增可能會重新點燃類似於 2022 年所見的價格壓力。通貨膨脹超過 2% 的商品比例顯著上升，表明影響範圍超出了能源領域。如果這一趨勢持續下去，歐洲中央銀行可能面臨與過去類似的挑戰，風險包括比利時的滯漲和競爭力問題</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/05/Flags-of-Belgium-and-the-EU.png" alt="" original-src="https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/05/Flags-of-Belgium-and-the-EU.png"/></p>
<p>Belgium’s sudden inflation spike in April, driven by an energy shock spilling into wider consumer prices, has prompted ING Economics to warn of a dangerous pattern that could spread across Europe.</p>
<div class="lb-trans"><p>比利時在四月份的突然通貨膨脹激增，受到能源衝擊影響，波及更廣泛的消費價格，促使 ING 經濟學家警告可能出現一種危險模式，這種模式可能在歐洲蔓延。</p>
</div><p>ING’s Senior Economist Philippe Ledent cautioned that the surge, which lifted headline inflation to 4% from 1.65% in March, risks reigniting the kind of broad‑based price pressures that unsettled the eurozone in 2022.</p>
<div class="lb-trans"><p>ING 的高級經濟學家 Philippe Ledent 警告稱，這一激增使得整體通貨膨脹從三月份的 1.65% 上升至 4%，有可能重新點燃 2022 年擾亂歐元區的廣泛價格壓力。</p>
</div><p>ING Economics cautioned that Belgium’s inflation shock is not an isolated event, but a potential harbinger of renewed price pressures across the eurozone.</p>
<div class="lb-trans"><p>ING 經濟學家警告稱，比利時的通貨膨脹衝擊並非孤立事件，而是可能預示着歐元區重新出現價格壓力。</p>
</div><h2>Energy shock and inflation surge</h2>
<div class="lb-trans"><h2>能源衝擊與通貨膨脹激增</h2>
</div><p>Belgium’s inflation jumped from 1.65% in March to 4% in April, according to ING Economics.</p>
<div class="lb-trans"><p>根據 ING 經濟學的數據顯示，比利時的通貨膨脹從三月份的 1.65% 躍升至四月份的 4%。</p>
</div><p>The rise was triggered by a violent energy shock, with oil prices in euro terms climbing more than 10% year‑on‑year — the sharpest increase in two decades.</p>
<div class="lb-trans"><p>這一上升是由劇烈的能源衝擊引發的，歐元計價的油價同比上漲超過 10%——這是二十年來的最大增幅。</p>
</div><p>Energy inflation swung from –8% in January to +12% in April, underscoring the severity of the shock.</p>
<div class="lb-trans"><p>能源通貨膨脹從一月份的-8% 轉為四月份的 +12%，突顯了衝擊的嚴重性。</p>
</div><p>Philippe Ledent, Senior Economist for Belgium and Luxembourg at ING, said the concern is no longer limited to energy. “It is becoming harder to argue that this is just energy,” he noted, pointing to signs of spillover across consumer prices.</p>
<div class="lb-trans"><p>ING 比利時和盧森堡的高級經濟學家 Philippe Ledent 表示，關注點不再僅限於能源。他指出，消費者價格中出現的溢出跡象使得這一論點變得越來越難以成立。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/05/image-1778683694.png" alt="" original-src="https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/05/image-1778683694.png"/></p>
<p>Source: ING Research</p>
<div class="lb-trans"><p>來源：ING 研究</p>
</div><h2>Spillover across consumer prices</h2>
<div class="lb-trans"><h2>消費價格的溢出效應</h2>
</div><p>Belgium’s consumer price index tracks 215 categories of goods and services.</p>
<div class="lb-trans"><p>比利時的消費者價格指數追蹤 215 類商品和服務。</p>
</div><p>ING’s analysis shows that the share of items with inflation above 2% rose from 39% early this year to 51% in April.</p>
<div class="lb-trans"><p>ING 的分析顯示，通貨膨脹超過 2% 的商品比例從年初的 39% 上升至四月份的 51%。</p>
</div><p>On a yearly basis, the share of items running above 4% inflation increased from 21% to 27%.</p>
<div class="lb-trans"><p>按年計算，通貨膨脹超過 4% 的商品比例從 21% 增加到 27%。</p>
</div><p>Most striking was the share of items whose inflation rose compared with the previous month.</p>
<div class="lb-trans"><p>最引人注目的是，與上個月相比，通貨膨脹上升的商品比例。</p>
</div><p>Historically averaging 43%, this figure fell to 27% early in 2026, signaling normalisation.</p>
<div class="lb-trans"><p>這一比例歷史平均為 43%，但在 2026 年初降至 27%，顯示出正常化的跡象。</p>
</div><p>But in April it surged to 62%, a level rarely seen outside the 2021–2022 inflation wave.</p>
<div class="lb-trans"><p>但在四月份，這一比例激增至 62%，這是在 2021-2022 年通貨膨脹浪潮之外很少見的水平。</p>
</div><p>Ledent warned that this metric had previously led to headline inflation, suggesting risks of a broader surge.</p>
<div class="lb-trans"><p>Ledent 警告稱，這一指標之前曾導致整體通貨膨脹，暗示着更廣泛激增的風險。</p>
</div><h2>Warning for Europe</h2>
<div class="lb-trans"><h2>對歐洲的警告</h2>
</div><p>ING Economics stressed that if Belgium’s inflation pattern persists and spreads across the euro area, the European Central Bank (ECB) faces a dilemma similar to 2022.</p>
<div class="lb-trans"><p>ING 經濟學強調，如果比利時的通貨膨脹模式持續並蔓延至歐元區，歐洲中央銀行（ECB）將面臨類似於 2022 年的困境。</p>
</div><p>Then, what appeared to be a temporary energy spike became the strongest inflation surge since the 1970s.</p>
<div class="lb-trans"><p>當時，原本看似暫時的能源激增成為自 1970 年代以來最強的通貨膨脹激增。</p>
</div><blockquote>
<p>If April’s pattern persists, and especially if it spreads across the euro area, the ECB’s lesson from 2022 is clear: move early, or risk falling behind the curve again.</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>如果四月份的模式持續，尤其是如果它蔓延至歐元區，歐洲央行從 2022 年得到的教訓是明確的：要提前行動，否則將再次落後於形勢。</p>
</blockquote>
</div><p>The report highlights the risk of stagflation, where higher rates fail to curb energy‑driven inflation but still squeeze demand.</p>
<div class="lb-trans"><p>報告強調了滯漲的風險，即更高的利率未能遏制能源驅動的通貨膨脹，但仍然壓縮需求。</p>
</div><p>ING warned that central banks must track whether the shock remains contained or broadens into a wider inflation wave.</p>
<div class="lb-trans"><p>ING 警告稱，中央銀行必須跟蹤這一衝擊是否保持侷限，或擴展為更廣泛的通貨膨脹浪潮。</p>
</div><h2>Competitiveness at stake</h2>
<div class="lb-trans"><h2>競爭力岌岌可危</h2>
</div><p>Belgium’s automatic wage indexation system amplifies inflation shocks.</p>
<div class="lb-trans"><p>比利時的自動工資指數化系統加劇了通貨膨脹衝擊。</p>
</div><p>Wages and many benefits are directly linked to prices, meaning April’s surge will trigger nominal wage increases not anticipated at the start of the year.</p>
<div class="lb-trans"><p>工資和許多福利直接與價格掛鈎，這意味着四月份的激增將觸發年初未預見的名義工資增長。</p>
</div><p>This risks eroding competitiveness, as neighboring countries adjust more slowly.</p>
<div class="lb-trans"><p>這可能會侵蝕競爭力，因為鄰國的調整速度較慢。</p>
</div><p>The Belgian government has proposed capping indexation for higher incomes and pensions, but unions and employers have pushed for smoothing the timing of adjustments instead.</p>
<div class="lb-trans"><p>比利時政府已提議對高收入和養老金的指數化進行上限，但工會和僱主則推動平滑調整的時機。</p>
</div><p>ING Economics noted that the debate has intensified, with businesses warning of abrupt competitiveness shocks and unions resisting cuts to purchasing power.</p>
<div class="lb-trans"><p>ING 經濟學指出，辯論已加劇，企業警告突發的競爭力衝擊，而工會則抵制削減購買力。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/05/image-1778683795.png" alt="" original-src="https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/05/image-1778683795.png"/></p>
<p>Source: ING Research</p>
<div class="lb-trans"><p>來源：ING 研究</p>
</div><h2>Broader European implications</h2>
<div class="lb-trans"><h2>更廣泛的歐洲影響</h2>
</div><p>ING Economics emphasised that Belgium’s experience is a warning sign for Europe.</p>
<div class="lb-trans"><p>ING 經濟學強調，比利時的經歷是對歐洲的警示信號。</p>
</div><p>If energy shocks trigger automatic wage increases and broader inflation across categories, the eurozone could face renewed inflationary pressures just as policymakers believed the worst was behind them.</p>
<div class="lb-trans"><p>如果能源衝擊觸發自動工資增長並在各類商品中引發更廣泛的通貨膨脹，歐元區可能面臨重新出現的通貨膨脹壓力，正當政策制定者認為最壞的情況已經過去。</p>
</div><p>Ledent concluded that the timing of this shock is particularly damaging.</p>
<div class="lb-trans"><p>Ledent 總結道，這一衝擊的時機尤其具有破壞性。</p>
</div><blockquote>
<p>The price shock intensifies the debate over automatic indexation for most incomes, and raises the stakes for business competitiveness.</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>價格衝擊加劇了對大多數收入自動指數化的辯論，並提高了商業競爭力的風險。</p>
</blockquote>
</div><p>Belgium’s April inflation surge, driven by energy but now spilling into broader categories, is a stark reminder of Europe’s vulnerability to renewed price shocks.</p>
<div class="lb-trans"><p>比利時四月份的通貨膨脹激增，雖然由能源驅動，但現在波及更廣泛的類別，清楚地提醒了歐洲對重新出現價格衝擊的脆弱性。</p>
</div><p>ING Economics and Philippe Ledent warn that, unless contained, the pattern could spread across the eurozone, forcing the ECB into another difficult policy battle.</p>
<div class="lb-trans"><p>ING 經濟學和 Philippe Ledent 警告稱，除非得到遏制，否則這一模式可能在歐元區蔓延，迫使歐洲央行再次面臨艱難的政策鬥爭。</p>
</div><p>The post ING warns Belgium’s inflation shock could spread across Europe appeared first on Invezz</p>
<div class="lb-trans"><p>這篇文章的標題為《ING 警告比利時的通貨膨脹衝擊可能蔓延至歐洲》，首次發佈於 Invezz。</p>
</div>

荷蘭國際集團警告稱，比利時的通脹衝擊可能會擴散到整個歐洲