The Dutch annual rate of inflation rose to 2.7% this month, after falling to 2.4% in February, national statistics agency CBS said on Tuesday.

Fuel prices, forced upwards by the war in the Middle East, were the main motor of the increase, the CBS said.

Inflation is likely to increase still further in the coming months as the knock-on effect of higher oil prices hits holiday travel and food prices. Energy bills are also set to rise but most households will only notice a difference when they seal a new contract with their supplier, the CBS said.

Inflation had soared up to 14% in October 2022 following the Russian invasion of Ukraine but has hovered between 2% and 3% since December 2023.

Calculated according to European methodology, inflation in the Netherlands reached 2.6% this month. The European figures do not take the cost of rental housing into account.