An inflation rate of 11.2 percent in November 2022 means that prices of consumer products are 11.2 percent higher than in November 2021. The inflation rate of 11.2 percent in November is therefore not higher to the inflation rate of 16.8 percent in October.
Delay inflation
The rate of price increase in the Netherlands decreased sharply in November compared to the previous month. However, inflation remains high. Daily life has become 11.2% more expensive this month than a year earlier, reports the Central Statistical Office on the basis of the harmonized European measurement method. In October, consumer prices increased again by 16.8 percent year on year.
Electricity and gas are guilty
Inflation has been very high for some time because gas and electricity prices have risen sharply. Higher energy costs are also reflected in food prices. Not only in the Netherlands, but throughout the euro area, consumers are paying more for their daily shopping. European Central Bank President Christine Lagarde warned earlier this week that inflation is unlikely to have peaked yet.
The ECB has already raised interest rates several times to bring inflation back to 2%. In December, interest rates in the eurozone should have increased again.
The inflation figure according to the European Harmonized Method is always higher than Statistics Netherlands’ own method. That figure will appear later. This includes, among other things, the cost of living, such as rents. The European method does not take this into account. The European method was designed to make it easier to compare inflation across countries.