The crazy inflation across the world has not spared the Netherlands, with the country suffering from the fastest price increases in the eurozone.
Yep: the price of gas, petrol, and your daily banana are hitting your wallet harder than ever, writes NU.nl.
It could be worse
The Netherlands might have had the more rapid price increase in the eurozone, but thankfully we’re not as hard hit as certain other countries.
With the cost of energy skyrocketing, prices rose by about 8.9% in the eurozone as a whole and 11.6% compared to last year here in the lowlands.
READ MORE | Dutch grocery prices have risen by 11% in just six months
However, in the Baltic states of Estonia, Latvia, and Lithuania, the numbers have been climbing well above the 20% mark, almost twice as bad as here in the Netherlands.
The dire situation in the Baltic countries is likely caused by their high dependence on Russian gas.
What is the eurozone?
The eurozone is a group of 19 European Union member states who have adopted the euro as their primary legal currency.
Eurozone members: Belgium, Germany, Ireland, Spain, France, Italy, Luxembourg, the Netherlands, Austria, Portugal, Finland, Greece, Slovenia, Cyprus, Malta, Slovakia, Estonia, Latvia and Lithuania.
Raising interest rates
To deal with the price increase, banks like the European Central Bank (ECB) are jacking up their interest rates. The ECB actually increased by 0.5 percentage points last week.
READ MORE | Dutch cabinet returns coal-fired stations to full capacity to offset Russian gas cuts
Such measures will hopefully slow down the economy and make it easier for people to get through this somewhat depressing financial era.
Have you felt the pinch of rising prices? Tell us in the comments below!
