Netherlands prices increasing fastest in EU

Prices in the eurozone rose by 8.9 percent in July compared to a year ago, Eurostat reported on Friday. That is another record for eurozone inflation. Inflation increased most rapidly in the Netherlands last month, NU.nl reports.

Earlier on Friday, Statistics Netherlands reported that inflation in our country amounted to 11.6 percent in July, according to the European harmonized method. That is an increase of 1.7 percentage points compared to June. According to Eurostat, that is the highest increase in inflation in the entire euro area.

The Netherlands did not have the highest inflation. That dubious honor went to the Baltic States - Estonia at 22.7 percent, Latvia at 21 percent, and Lithuania at 20.8 percent. These countries are very dependent on Russian gas. Malta had the lowest inflation at 6.5 percent.

As in the Netherlands, inflation in the eurozone was driven by high energy prices. Compared to July last year, energy was 39 percent more expensive this month. Processed food and services also became more expensive.