Dutch inflation at highest point in almost forty years

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Dutch inflation at highest point in almost forty years

Dutch inflation reached its highest point in almost forty years last month. Goods and services were 5.2 percent more expensive in November than a year earlier, the Central Bureau of Statistics reported on Tuesday. This percentage had not been at such a high level since September 1982.

In particular, the sharp rise in fuel and energy prices since the summer is a major contributor to inflation. In November, for example, gas was 53 percent more expensive than a year earlier, electricity 74.9 percent and gasoline 31.4 percent. Clothing and food – especially potatoes, fruit and coffee – also became more expensive, contributing to the high price level, according to Statistics Netherlands.

The rest of the European Union is also dealing with rising inflation, but in the Netherlands it was higher than in the eurozone as a whole for the first time since April. Eurostat statistics, which uses a slightly different calculation method than Statistics Netherlands and does not include the costs of living in owner-occupied homes, announced last week that inflation in the eurozone had risen by 4.9 percent. Incidentally, the increase was higher in neighboring countries Germany (6 percent) and Belgium (7 percent).

The strong currency depreciation is on the one hand due to the high energy prices. On the other hand, shortages of all kinds of products, mainly caused by the pandemic, have pushed prices up. For example, worldwide delivery problems have arisen and consumer demand is high because they have a relatively large amount of money to spend due to corona recovery policy.

Dutch inflation at highest point in almost forty years
Source link Dutch inflation at highest point in almost forty years

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