Yearly currency depreciation was slightly lower in October but still above expectations
© Getty Images / Maskot
Annual inflation in the Netherlands was 16.8% in October, slightly down from 17.1% in September but still well above expectations, Statistics Netherlands (CBS) said on Monday.
According to the report, inflation remains very high, driven by soaring energy and food costs. The CBS figure, based on the harmonized European measurement method, includes housing costs such as rent, and calculates energy prices based on new contracts.
Earlier, some media wrote that about 20 bakeries in the Netherlands were forced to close due to skyrocketing inflation amid the energy crunch. Bakery costs in the country have surged by 80%.
In October, the inflation rate in the Eurozone reached 10.7%, according to preliminary data released on Monday. If confirmed by final figures to be issued later in November by Eurostat, it would be the first time a monthly inflation reading crossed above 10% since the Eurozone’s formation, reinforcing fears of an impending recession.
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In an attempt to tame rising consumer prices the European Central Bank doubled its key interest rate last week to 1.5%, taking Eurozone rates to the highest level since 2009.
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