Inflation rises to 0.6%, wiping out interest on savings
Inflation rose by 0.2% in November to its highest level in six months, overtaking the interest rate on savings accounts, according to latest figures from the government’s statistics service.
The headline rate rose to 0.6%, a level last seen in March. Inflation dropped to zero in April and fell further to -0.2% in July, but has been on the increase since.
At the same time banks have cut interest rates on savings accounts: the best high street rate is currently 0.7% compared to 1.2% at the start of the year.
The rising cost of foreign holidays was the main reason for the higher inflation rate in November, Statistics Netherlands reported. Milk and vegetables also increased in price, with the cost of milk going up for the first time in three years.
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