Inflation falls sharply to 4.4 percent in Netherland

This article was last updated on March 31, 2023

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Inflation falls sharply to 4.4 percent in Netherland

The inflation rate has dropped to 4.4 percent, marking the lowest figure in the past eighteen months. This decline can be attributed to a significant reduction in energy and fuel prices as compared to a year ago, even though several other products have become pricier.

Statistics Netherlands has estimated the provisional calculation of inflation at 4.4 percent in March. This marks a significant drop from the inflation rate of 8 percent a month earlier and is the lowest rate since October 2021.

The drop was expected, as inflation rates compare today’s prices with those from a year ago, and prices had risen sharply in March 2022, when 9.7 percent inflation was recorded. Additionally, the current inflation rate is a result of this comparison.

Food prices have increased by 15 percent from last year, while services have gone up by 5.6 percent. Economists do not expect food price hikes to slow down until later this year, despite the decline in raw material prices. Higher wages will also contribute to the continuation of rising prices.

However, energy prices have decreased significantly. Earlier this month, the gas price on the trading market dropped below 40 euros per megawatt-hour, while it was above 200 euros a year ago