Consumer goods and services were 1.6 percent more expensive in November than in the same month a year earlier. The Central Bureau of Statistics (CBS) reports this on the basis of final figures, which are the same as the quick estimate reported earlier.
Price increases returned after negative inflation, also known as deflation, in October. In that month the average price level fell by 0.4 percent.
Energy
The increase in inflation is mainly due to energy price developments. Energy was 43 percent cheaper in November than last year, but in October prices were 58 percent lower than a year earlier. Excluding energy, inflation was 4.2 percent. In October that was 5.1 percent. Inflation excluding energy and motor fuels peaked at 8.1 percent in February and March and has fallen since.
The price development of food had a dampening effect on the development of inflation. Food products were 6.3 percent more expensive in November than a year earlier, compared to 7.9 percent in October. The lower price increase was mainly due to price developments of bread and grain products, dairy products and potatoes.
According to the European measuring method, which is slightly different from that of Statistics Netherlands, prices rose by 1.4 percent on an annual basis in November. In October there was a price drop of 1 percent. Inflation in the eurozone fell from 2.9 percent in October to 2.4 percent in November.
Following a record series of interest rate increases by the European Central Bank (ECB), inflation in the euro zone has now fallen considerably compared to the peak of almost 11 percent a year ago. In October, the ECB kept interest rates unchanged for the first time. When the interest rate decision is made later this week, the central bank will almost certainly pause interest rates again.