Highest inflation since 1996 recorded is driven by gas and food prices

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Inflation in the Netherlands reached 8.6 percent last month. This is slightly lower than in May, but still very high, Statistics Netherlands (CBS) reports. Food, in particular, became much more expensive.

Food was significantly more expensive last month: an average of 11.2 percent, compared to a year earlier. This was mainly due to the increased prices of dairy and meat, but also grain products, oils and fats, vegetables, fish and fruit cost more.

According to chief economist Peter Hein van Mulligen of CBS, We have to go back a long way to see such numbers. “We have been measuring this since 1996 and since then we have not had such a price increase. That was probably somewhere in the mid-seventies for the last time.”

The fact that inflation across the board is slightly lower than in May, when the figure was 8.8 per cent, is mainly due to a slightly smaller increase in energy prices. “They weigh pretty well overall.”Despite the decline, energy prices remain high.

The slightly lower prices for energy are largely offset by the increased prices for food, drink and fuel.

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Nicholas de Kramer

Nicholas de Krammer, а self-taught economic analytic with heave mathematical background. Math behind the economics (and economics behind math) is the strong side of the author. Contact him at [email protected]

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