The times of rising inflation are not over yet. The inflation rate of the Dutch market was 7.6% this January compared to 6.4% last December. 📈
What does that mean? In essence, it means that prices are on average 7.6% higher than last year, reports the NOS. Everything is more expensive, from food and drink to energy prices.
📊 Highest inflation in 20 years
Inflation in itself is a normal economic phenomenon. But the pandemic has perpetuated a price hike in a number of European countries, the Netherlands included.
Already in October 2021, inflation rates reached a historic high with a recorded 3.4% price increase. Overall, it was estimated that life in the Netherlands last year was 6.4% more expensive than in 2020.
⚡️ Energy prices driving the price hike
Rising energy prices cause especially big dents in Dutch wallets. This week alone, petrol prices have broken the record of “highest since 2014” three times already. 😳 Gas and electricity prices are similarly affected.
Economists say that petrol prices are on the rise due to increased demand with more people hitting the road again after the lockdown measures have eased. Geopolitical instability, such as the Ukraine-Russia conflict, also play their part.
Where do you feel rising inflation prices hitting you the most? Let us know in the comments!👇🏻
Feature Image: cristovao/Depositphotos
