Upward price trend in the Netherlands continues: Energy tariffs and food prices rise further in May

Prices in the Netherlands rose again in May, with the rate of increase increased further compared to the previous month. This increase was mainly caused by the less sharp decline in energy prices in April. In addition, the prices of food, beverages and tobacco rose again, albeit slightly less sharply than in April.

According to an initial estimate from the Central Bureau of Statistics (CBS), the inflation last month was 6.1 percent. In April, inflation had already unexpectedly increased to 5.2 percent year-on-year, compared to 4.4 percent in March. This was mainly caused by the weaker fall in energy prices and the rise in food prices. Last September inflation peaked at 14.5 percent, while the average price increase of products in supermarkets last month reached 12.8 percent, compared to 13.2 percent in April.

The Central Bureau of Statistics (CBS) uses inflation rates according to the European method in order to make an accurate comparison with other European countries, which, among other things, does not account of housing rents. The European statistics office Eurostat will release inflation figures for the entire euro zone. Euro area inflation in April was 7.0 percent on an annualized rate. It was recently revealed that inflation in Germany, France and Spain had actually cooled in May.

With inflation still above the 2 percent target, the European Central Bank (ECB) is expected to continue to raise interest rates increase. ECB policymakers will meet again in mid-June. About it is generally expected that interest rates will be raised by a quarter of a percentage point be raised to keep inflation under control.

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