News CBS
Inflation is falling, still higher than eurozone
Inflation in the Netherlands fell in November, from 16,8% in October to 11,2%. Dutch inflation has made the largest downward jump among the euro countries, but inflation in the eurozone is still lower at 10%. It is striking that food prices continue to rise in both the Netherlands and the eurozone.
According to the European harmonized consumer price index (HICP), inflation was still 16,8% in the Netherlands in October. That of the Eurozone was 10,6% last month. At 11,2%, inflation in the Netherlands is still high in November. The lower inflation in the Netherlands is mainly due to lower energy prices, according to figures from Statistics Netherlands (CBS). The food, drink and tobacco group is the only category in which currency depreciation increased.
Inflation is divided into four groups: industrial goods excluding energy and motor fuels, energy including motor fuels, food, beverages and tobacco, and services.
Energy was still 99,7% more expensive in October than one year previously. This month of November, energy costs 41,6% more than in the same month of 2021. Prices for industrial goods increased by 7,1% year-on-year in November. In October this was 7,8%. Inflation in services was 5,4% in November, compared to 6,1% in October. While inflation in the other groups fell compared to last month, it is rising for food, beverages and tobacco. In October, their prices were 11,5% higher on an annual basis, this month they are 12,5% higher.
A similar movement can be seen in the eurozone. Last month, food, drink and tobacco prices in the Eurozone were 13,1% higher, this month 13,6% year-on-year. Energy in the eurozone as a whole does not show such a big difference as in the Netherlands: 34,9% in November, compared to 41,5% in October.
Allowance does not count, but energy ceiling does
The allowance for energy costs of €190, which will be paid in November and December of this year, is regarded as income support and therefore has no influence on the inflation figures, Statistics Netherlands reports. The price ceiling that will apply from 1 January 2023 does have a direct influence on the price of electricity or gas supplied. This ceiling is therefore included in the inflation figures.
Linda van Eekeres
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