Inflation stood at 12 percent in August. That’s another record: never such a high percentage was measured. This is evident from figures from the Central Bureau of Statistics, which has been tracking inflation since 1963. In July inflation was still 10.3 percent, the highest measured percentage since 1975. Food and energy in particular have become considerably more expensive.
The inflation figure means that prices of consumer products were on average 12 percent more expensive in August than in the same month a year earlier. In particular, the prices of energy, such as electricity, gas and district heating, are driving up inflation. These are measured on the basis of newly concluded contracts. The costs incurred by citizens will only actually increase when this is concluded, although the price increase will be lower for those who have not yet received a new contract. In August, energy was 151 percent more expensive than a year earlier.
Also read: Much-needed purchasing power measures will only become a reality in 2023. Is that on time?
Food has also become significantly more expensive, according to Statistics Netherlands, by an average of about 13.1 percent. In particular, the prices of pasta products, such as spaghetti or macaroni, have risen in price. This is probably due to the worldwide grain shortages as a result of the war in Ukraine. Russia and Ukraine are two of the largest grain exporters in the world.
Statistics Netherlands uses two different methods to calculate inflation. In this case, the institute uses the so-called consumer price index, but it also publishes the HICP once a month. This is a method that the European Central Bank uses for monetary policy in the eurozone and allows comparisons between countries. The main difference with the Dutch consumer price index is that the HICP does not include the costs of living in an owner-occupied home, but only the rents instead. In August, the HICP was 13.6 percent.