Consumer prices rose 10.3% year-on-year in July in the Netherlands, surpassing 10% for the first time since September 1975, the Dutch Central Bureau of Statistics (CBS) said today.
“The rise in inflation is mainly explained by developments in energy prices and housing rents,” CBS said in a statement.
“Inflation exceeded 10% for the first time since September 1975,” CBS noted. Consumer price growth in the Netherlands was 8.6% in June.
“Energy is currently a major contributor to headline inflation,” CBS recalled.
The rise in energy prices (electricity, gas and urban heating) was 108%, compared to 84% in June.
From July 1, 2022, VAT on energy has however been reduced from 21% to 9%, CBS explained. This reduction will last until December 31, 2022.
Home rents also contributed to the rise in inflation, according to CBS. As preliminary data shows, house rents were 3% higher in July 2022 compared to a year earlier, the Dutch Central Statistics Office reports.
Food prices (+2.3%), mainly dairy and sugar, also contributed last month to the overall rise in inflation.
By contrast, the increase in prices at petrol stations has clearly been limited: car fuel was thus only 2.5% more expensive in July than during the same month a year ago, compared to a 35% jump in June.
Source: AMPE
Source: Capital
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
