Friday 07 August 2020

Inflation rises by 1.6%, Netherlands outpaces most of Europe


Inflation in the Netherlands went up by 1.6% in June, making the country one of the fastest risers in Europe, figures from statistics agency CBS show.

Rising petrol prices and a higher tax on tobacco were the main drivers, the CBS said.

The coronavirus crisis brought down demand for petrol and pump prices, CBS chief economist Peter Hein van Mulligen told broadcaster NOS. ‘But now that there are signs of economic recovery, traffic is increasing and the rise in demand for energy means petrol prices are going up again.’

A visit to the hairdresser became around 4% more expensive and clothes also went up in price. The Dutch tax increase on tobacco in April was cited as another contributory factor.

Bar and restaurant bills did not show a similar increase. Van Mulligen said prices may go up in the coming months as more people go out and owners look to recoup their losses in the past couple of months.

Rising petrol prices are fuelling inflation across Europe, but the increase is much higher in the Netherlands than other countries. Inflation in Belgium and Germany, for instance, is 0.2 % and 0.8% respectively.

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