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Inflation falls to 9,9%, food is more expensive
Inflation fell to 9,9% in November from 14,3% in October. This is mainly because energy became cheaper, Statistics Netherlands reports. Food, on the other hand, became more expensive, although it was less expensive than before. On an annual basis, the price increase of food was 15,7%, in October it was 14%. The prices of bread and grain products and meat and dairy products in particular rose.
This is the consumer price index (CPI). According to the European method with which the inflation of the EU countries can be compared, inflation in the Netherlands was 11,2% in November.
Statistics Netherlands also calculates the price development without energy (electricity, gas and district heating) and motor fuels. Excluding these elements, inflation would have been 6,8%, compared to 6,9% in October.
The temporary measure for energy price concessions, first disbursed in November 2022, has no impact on the inflation rate as it is seen as income support. The price ceiling affects the price of electricity or gas supplied and is therefore included in the CPI, Statistics Netherlands reports.
More realistic reflection of energy prices in the 2023 inflation rate
Energy is a major contributor to overall inflation. The price development of energy is measured on the basis of new contracts. However, many households still have an existing contract for gas and electricity. Since energy prices have shot up, this gives a skewed picture. Statistics Netherlands has therefore been looking at how this can be processed better for some time now. The statistics service now expects that in 2023 there will be more clarity about a new observation method of energy prices and when and how it will be introduced. The figures already published will not be adjusted.
ING: 'Inflation still high for the time being'
ING also came up with a economic outlook. According to the bank, inflation has passed its peak. The peak was reached in September, at 14,5%, but remains high for now. ING Research expects the increase in the CPI for the whole of 2022 to exceed 10%. "That's very high." In 2023, inflation is projected to be much lower, at around 4,4%. "Still a significant price increase," the bank said.
Linda van Eekeres
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