Inflation in Netherlands above 10% for first time in nearly 47 years

Inflation within the Netherlands rose to above ten per cent for the primary time since 1975 final month, the nation’s statistics company mentioned on Thursday.

Power and housing costs primarily drove the rise in inflation, Statistics Netherlands (CBS) added in a press release on Thursday.

Costs have been 10.3% larger in July 2022 in comparison with the earlier 12 months. Inflation within the month of June was at 8.6%.

Power costs within the Netherlands have been 108% costlier in July than in the identical month in 2021, the statistical workplace added. Housing rents have been 3% larger in July 2022 than final 12 months.

Meals costs have additionally elevated within the Netherlands — they have been 12.3 per cent costlier than in the identical month final 12 months, the company mentioned.

In the meantime, the worth of a litre of petrol “fell from €2.35 in June to €2.21 in July. The value of diesel was €2.07 in July in opposition to €2.14 in June,” Statistics Netherlands mentioned.

It comes as inflation rises throughout European nations due primarily to rising vitality costs.

Inflation within the euro space was as much as an all-time excessive of 8.9% in July 2022, with vitality costs up greater than 39% year-on-year. 

Estonia, Latvia, and Lithuania are the European nations with the very best inflation resulting from a heavy reliance on international imports for vitality.

In line with Eurostat, a complete of 10 states that use the only foreign money had double-digit inflation percentages: Belgium, Estonia, Greece, Spain, Cyprus, Latvia, Lithuania, the Netherlands, Slovenia and Slovakia.