In the highest percentage since April 2002, a 2.7% annual inflation increase hit the Dutch economy in October — mainly due to a hike in gas and electricity prices.
We can’t say we’re surprised, and we wish we could deliver better news. This latest inflation increase, recorded by the Central Bureau of Statistics (CBS), was mainly attributed to the rise in gas and electricity prices among other daily-life items. 🪙
CBS reported that consumers paid 3.4% more for goods and services in October 2021 than last year. Whereas, year-to-year gas prices jumped by 30.6% in the same month, based on a Nu.nl report.
Harsh winters and energy demand making it worse
The skyrocketing prices of power and gas were partially blamed on smaller reserves as a result of harsh winters and worldwide energy demand. All these causes must be kept in mind in light of the economic recovery from the coronavirus pandemic. Sounds like the perfect storm. 🌪
To sum up the grim picture, life in the Netherlands became 4.5% more expensive as of last month according to RTL Nieuws. From the heat we use to keep the Dutch cold away (31% year increase) to the fuel powering up our cars (almost 40% jump), things are getting very pricy. It’s even affecting the clothing industry, so better treat that winter coat gently. 🧥
At this rate, the inflation in the Netherlands is compared to the entire eurozone, which recorded a 4.1% total increase. Let’s just hope we’re not going for first place for the highest inflation. 🏆
What do you think of the latest figures released by CBS? Tell us in the comments below.
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