Inflation in Netherlands hits 47-year high in 2022
The annual inflation rate in the Netherlands was 10 percent in 2022, the highest since 1975 when the rate was 10.2 percent as a result of the oil crisis, Statistics Netherlands (CBS) said on Tuesday, News.Az reports citing Xinhua.
Last year, the price development of energy, such as electricity, gas and district heating, in particular contributed to the high rate. The energy was on average 114 percent more expensive in 2022 than in 2021. The inflation rate was 2.7 percent in 2021.
Food and motor fuels also had an impact on inflation. Food was 10.8 percent more expensive than 12 months previously. In 2021, food prices were still 0.2 percent lower. The rise in food prices was mainly caused by meat, dairy products, bread and grains, and vegetables.
In 2022, motor fuels were 18.1 percent more expensive than the year before, while in 2021, the increase was 16.8 percent.
Inflation is expected to decline in the following years. The Dutch central bank DNB projected inflation to decline to 4.9 percent in 2023.