The Netherlands records highest inflation rate in almost 50 years
According to figures published this week by Statistics Netherlands (CBS), last year the country recorded an overall inflation rate of 10 percent - the highest seen in almost five decades.
Prices in the Netherlands rose by 10 percent last year
It’s likely unsurprising to hear that rapidly rising prices in the Netherlands throughout the course of 2022 meant the country saw a record rate of inflation. Overall, according to the CPI method used by CBS, the prices of goods and services in the Netherlands rose by 10 percent between 2021 and 2022, marking a significant increase compared to the inflation rate of 2,7 percent reported at the end of 2021.
This sharp increase in the cost of living is largely due to the high prices for gas and electricity: energy prices rose by an average of 114 percent between 2021 and 2022. Food and fuel also became considerably more expensive, rising by an average of 10,8 and 18,1 percent in 2022 respectively.
Some food products experienced even more significant price hikes last year: according to CBS, the sharpest increases were seen in the prices of dairy products and eggs (over 28 percent), meat and fish (around 18 percent), bread and grains (16 percent) and vegetables (almost 14 percent).
Dutch inflation rate in 2022 one of the highest in Europe
The average inflation rate of 10 percent means the Netherlands has recorded the highest rate of inflation since 1975, which set the record at 10,2 percent. Furthermore, according to calculations made by the European statistics office Eurostat using the HICP method, the Netherlands had the fifth-highest inflation rate in 2022:
- Estonia - 19,4 percent
- Lithuania - 18,1 percent
- Latvia - 17,2 percent
- Slovakia - 12,1 percent
- The Netherlands - 11,6 percent
While prices are rising across the country, Dutch salaries have been unable to keep up. In spite of changes the Dutch government has made to boost purchasing power and reduce tax rates, many people in the Netherlands continue to struggle to make ends meet.
Thumb: Dutchmen Photography via Shutterstock.com.