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Gas price rises push Dutch inflation rate up to 2.7%

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The Dutch inflation rate rose to 2.7% in September, its highest level since the end of 2019, according to national statistics office CBS.

The rise in inflation is due to fuel and gas prices, which were over 19% more expensive last month, when compared with a year ago. In September 2020, the inflation rate was just 1.1%.

Although gas prices are soaring, most consumers will not notice the difference because they are on fixed rate contracts. Those contracts are mostly due for revision in January.

If prices continue to rise, government hopes of stable spending power next year will not materialise. Most centrally agreed pay rises in 2021 have been around the 2% mark.

Calculated in line with the EU harmonised index, inflation in the Netherlands is 3%, well below the EU average of 3.4%, the CBS said.

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