The Netherlands Inflation Rate Rises to 6.1% in May

The annual inflation rate in the Netherlands rose to 6.1% in May, according to preliminary data released by the country’s Central Bureau of Statistics (CBS).

Preliminary Operational Assessment Shows Rise in Inflation

The Dutch Ministry of Economic Affairs and Climate Policy released a statement indicating that the country’s inflation rate reached 6.1% in May, according to a preliminary operational assessment. This represents a significant increase from April, where prices for goods and services were 5.2% higher than the previous year.

Food and Beverage Prices Rise Less Sharply in May

The CBS reported that food, beverage, and tobacco prices rose less sharply in May compared to April. Specifically, the average increase in food prices last month was 12.8%, while industrial goods rose by 8.3%. However, energy prices decreased by 18.5%.

Dutch Central Bank Considers Inflation Rate “Alarming”

Despite the release of preliminary data, the Dutch central bank has deemed the country’s inflation rate to be “alarming”. The rise in inflation has undoubtedly been influenced by the COVID-19 pandemic, which has disrupted supply chains and led to increased market uncertainty and volatility.

Conclusion

The Netherlands is among several countries experiencing rising inflation rates due to pandemic-induced economic challenges. As the economy continues to recover, it will be important to monitor the inflation rate and take measures to stabilize it if necessary.

Source: Prime