Rising prices at the pump push inflation up again

Rising prices at the pump push inflation up again
Rising prices at the pump push inflation up again

Inflation in the Netherlands rose to 3.1 percent in March. The Central Bureau of Statistics (CBS) reports this in a quick estimate. This meant that inflation was higher than in February. Then daily life became 2.8 percent more expensive compared to a year earlier. In January inflation was still 3.2 percent.

The rising inflation is mainly related to energy prices and the prices of motor fuels at the pump. Recently, petrol and diesel have become more expensive for motorists due to rising oil prices. Crude oil prices are now at about the highest level in about five months.

Dutch inflation based on the European harmonized calculation method also amounted to 3.1 percent, compared to 2.7 percent in February. This calculation method is slightly different from that of Statistics Netherlands. The method agreed within the European Union to measure inflation does not take into account the costs of living in your own home.

The European statistical agency Eurostat will also present a preliminary estimate of inflation in the euro zone in the past month later in the morning. Inflation in the euro area was 2.6 percent in February.

The European Central Bank (ECB), which previously raised interest rates significantly to combat high inflation, has an inflation target of 2 percent. The central bank will meet again next week in Frankfurt to discuss interest rates. In the financial markets, the ECB is expected to make its first interest rate cut at its meeting in June.

Also read: Biggest price increase ever for cigarettes, but 11 euros for a pack is still far too cheap, says this Maastricht professor

The article is in Dutch

Tags: Rising prices pump push inflation


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