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Financial News: Dutch Inflation Surges To 10% In 2022 On

Dutch Inflation Surges To 10% In 2022 On Higher Energy Costs

01/10/2023 - 02:50:00 (RTTNews)

(RTTNews) - The Netherlands' consumer price inflation quickened during the year 2022 to the highest level in forty-seven years amid soaring energy prices, data from the Central Bureau of Statistics showed on Tuesday.

Consumer price inflation jumped to a double-digit figure of 10.0 percent in 2022 from 2.7 percent in 2021.

Further, this was the highest inflation rate since 1975, when prices had risen 10.2 percent.

Prices for energy, which includes electricity, gas and district heating, were 14.1 percent more expensive compared to 2021.

Food and motor fuel prices also did their part in rising inflation in 2022. Food prices climbed 10.8 percent, and those of motor fuel surged 18.1 percent.

Official data also showed that consumer price inflation eased to a 6-month low of 9.6 percent in December from 9.9 percent in November. That was in line with flash data published on January 6.

The price of energy had a depressing effect on the development of inflation, while clothing and food had an upward effect, the agency said.

Inflation, based on the Harmonized Index of Consumer Prices, or HICP, also slowed to 11.0 percent in December from 11.3 percent in the previous month, as estimated.

Separate official data revealed that household spending rose 2.7 percent annually in November, faster than the 0.9 percent gain in October.

Spending has been growing since April 2021. As in previous months, consumers spent more on services, but less on goods.

Another data showed that manufacturing production dropped 0.2 percent year-over-year in November, reversing a 3.5 percent increase in the previous month. Moreover, it was the first decline since March 2021.

The chemical sector recorded the largest contraction of the larger branches, which slumped 16.4 percent.

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