Inflation climbing again; Up to 8 percent in January

The rate at which prices are rising in the Netherlands increased in February compared to a month earlier. Inflation amounted to 8 percent last month, Statistics Netherlands (CBS) reported in a quick first estimate. Many groceries became more expensive last month than in January. Prices of industrial goods rose faster.

In January, inflation fell to 7.6 percent on an annual basis from 9.6 percent in December. In November, consumer goods and services were 9.9 percent more expensive than the year before. At the peak in September, inflation was 14.5 percent.

Since Russia invaded Ukraine, life has rapidly become more expensive. But lately, prices have been rising less quickly. That has everything to do with gas, electricity, and petrol prices. They skyrocketed earlier last year but have recently decreased. Energy prices also fell further in February compared to January.

Still, overall inflation increased in February after three consecutive months of declines. That was partly due to groceries becoming more expensive. The average price increase of supermarket products was 15.1 percent last month, compared to 14.5 percent in January. Prices of industrial goods rose by 8.7 percent, compared to 8.1 percent in January.

To easily compare its figures with other European countries, CBS also publishes inflation figures based on the European harmonized calculation method, which does not include housing costs like rent, among other things. Based on that method, Dutch inflation was 8.9 percent in February, compared to 8.4 percent in January.

Reporting by ANP

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