Inflation will rise again in March due to increases in fuel prices

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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 CBS graph below shows that inflation has been on a cautious rise since last October. This was sky-high in 2022 and most of 2023, with a peak of 14.5 percent in September 2022, according to the CBS calculation method.

CBS

Significant fuel price increases

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.

In the table below you can see that energy prices for fuel have risen rapidly in one month, while those for other product groups increased only marginally.

CBS

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.

READ ALSO: Disposable income of Dutch people will increase in 2023, even if you include inflation: mainly due to higher collective labor agreement wages

The article is in Dutch

Tags: Inflation rise March due increases fuel prices

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