February 4, 2023

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Inflation was somewhat lower in December: 9.6 percent

Inflation was somewhat lower in December: 9.6 percent

AP

NOS News

Inflation never rose again. The inflation rate in December was 9.6 percent, according to a report by Statistics Netherlands (CBS) based on provisional figures. This means that prices in December were, on average, 9.6 percent higher than they were in December last year.

In November Drop Inflation as well, then came in at 9.9%. The peak of inflation has been reached September last year. Then the inflation rate reached 14.5%.

Inflation may have decreased, but it is still high. When inflation goes down, it does not mean that life is getting cheaper, it just means that prices are going up less than before.

Food is going up in price a little faster

Food prices, among other things, rose sharply in December than they were in November. Compared to December 2021, food was 14 percent more expensive last month. On the other hand, energy prices including fuel rose less quickly than the previous month. That was 30 percent higher than it was in December last year. In November, the increase in energy prices was still 41.3 percent.

Inflation is expected to peak in 2022. The Central Planning Bureau expects the inflation rate to range between 3.2 and 3.7 percent this year. The energy price cap is expected to reduce inflation next year, although food prices, among other things, will remain high.

These figures are based on incomplete data, according to Statistics Netherlands. The final numbers will be published on January 10.