Inflation at its highest level in 24 years

Dutch inflation rose to its highest level in at least 24 years in November. Average price levels also rose sharply in other euro countries, according to figures from the European stats office Eurostat. This is mainly due to the sharp rise in the prices of gas, electricity, and fuels.

According to the European harmonized measurement method, prices in the Netherlands rose by 5.6 percent compared to the same month last year. These are provisional figures. Tables from Statistics Netherlands (CBS) show that such a substantial increase has not been measured since at least 1997.

In the eurozone as a whole, inflation was 4.9 percent on an annual basis, according to the preliminary figures. That is a more substantial currency depreciation than a month earlier. In October, annual inflation was still 4.1 percent.

The biggest driver is the high energy prices. These rose by more than 27 percent in the euro countries. Recently, gas prices have risen sharply due to a combination of relatively small reserves in Europe, a sharp increase in demand due to economic recovery, and the past cold winter, among other things.