Netherlands' inflation rate crosses 10% for the first time since 1975

Energy (electricity, district heating, and gas) was found to be costly in spite of reductions in value added taxes (VAT), which led to even further inflation, according to data released by the government agency Statistics Netherlands (CBS). Energy was 108 per cent more expensive in July 2022 compared to last year.

However, VAT on energy has been reduced from 21 per cent to 9 per cent temporarily as of July 1, 2022. The VAT cut will continue to remain until the end of 2022, as per the CBS report.

Moreover, according to the European Harmonised Index of Consumer Prices (HICP), consumer goods and services in the Netherlands were 11.6 per cent costlier in July 2022 than in July 2021.

Fibre2Fashion News Desk (NB)