Highest inflation in nearly XNUMX years

Inflation was at its highest level (5,2%) in forty years in November, making the inflation level historic. Inflation in November was the highest since September 1982, according to figures the CBS published today. The rapid increase in inflation is due to the high prices of gas and electricity. Inflation in the Netherlands is now higher than that of the entire eurozone. 

The prices of gas and electricity rose further in November. Gas was 53% more expensive in November than a year earlier. In October that was still 30,6% compared to the year 2020. The cause for the still solid price of gas in Europe, the disappointing supply and cold weather expected by meteorologists for the first half of December.

The annual electricity price increase increased from 39,6% in October to 74,9% in November. Electricity is expected to remain unabated duration, which is caused by the high price for gas and coal. These traditional fuels currently have an important share in the energy mix and therefore determine the electricity price to a large extent.
 

Consumer goods and services were 5,2% more expensive in November than a year earlier, CBS reports. The price development of food and clothing also had an upward effect on inflation. Foods were 1,1% more expensive in November than a year earlier. In October it was still 0,2%. Statistics Netherlands attributes this to the price development of potatoes, fruit and coffee.
 

Inflation in the Netherlands higher than the eurozone
In addition to the consumer price index (CPI), Statistics Netherlands also calculates the European harmonized consumer price index (HICP). Consumer goods and services in the Netherlands were 5,9% more expensive in November, according to the HICP, compared to 3,7% in October. According to the CBS, inflation has never been this high. According to preliminary figures, inflation in the eurozone rose from 4,1% in October to 4,9% in November. Inflation in the Netherlands is therefore higher than inflation in the eurozone for the first time since April.

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