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

Inflation in the Netherlands rose to above ten per cent for the first time since 1975 last month, the country’s statistics agency said on Thursday.

Energy and housing prices mainly drove the rise in inflation, Statistics Netherlands (CBS) added in a statement on Thursday.

Prices were 10.3% higher in July 2022 compared to the previous year. Inflation in the month of June was at 8.6%.

Energy prices in the Netherlands were 108% more expensive in July than in the same month in 2021, the statistical office added. Housing rents were 3% higher in July 2022 than last year.

Food prices have also increased in the Netherlands — they were 12.3 per cent more expensive than in the same month last year, the agency said.

Meanwhile, the price of a litre of petrol “fell from €2.35 in June to €2.21 in July. The price of diesel was €2.07 in July against €2.14 in June,” Statistics Netherlands said.

It comes as inflation rises across European countries due primarily to rising energy prices.

Inflation in the euro area was up to an all-time high of 8.9% in July 2022, with energy prices up more than 39% year-on-year. 

Estonia, Latvia, and Lithuania are the European countries with the highest inflation due to a heavy reliance on foreign imports for energy.

According to Eurostat, a total of 10 states that use the single currency had double-digit inflation percentages: Belgium, Estonia, Greece, Spain, Cyprus, Latvia, Lithuania, the Netherlands, Slovenia and Slovakia.