Netherlands: Harmonized inflation moderates in November
Harmonized inflation decelerated to 11.3% in November, following Octobers 16.8%. Softer price pressures for energy led the downturn. Softer price pressures for clothing, transport and restaurants and hotels also contributed. That said, food inflation intensified.
The trend pointed up, with annual average harmonized inflation coming in at 11.3% in November (October: 10.8%). Meanwhile, consumer price inflation decelerated to 9.9% in November, from the previous month’s 14.3%.
Lastly, harmonized consumer price fell 3.9% in November over the prior month (October: 1.3% mom).
On the outlook, INGs Marcel Klok commented:
“HICP headline inflation seems to have reached its peak in September 2022, but […] it’s set to remain quite high throughout next year. The pipeline still contains cost price increases due to earlier peaks in purchasing prices of things like raw materials, transportation and energy. Higher labour costs will also continue to drive inflation up. Rents and the tobacco tax also contribute considerably to the prices consumers will pay in 2023.”