Inflation climbs to 2.3 percent

• Gas, electricity and airline tickets have upward effect on inflation
• Eurozone inflation rate marginally down

According to the latest figures released by Statistics Netherlands, the inflation rate in the Netherlands rose to 2.3 percent in May, the highest figure in thirty months. The rate in April was 2.1 percent.

Higher energy prices and more expensive airline tickets mainly account for the inflation increase. Gas and electricity prices in May were on average 6.1 percent up on one year previously. In April the year-on-year increase was 4.5 percent. Airline ticket prices were 6.8 percent higher than last year.

Higher prices for fresh vegetables also contributed to inflation. On average, food prices were 2.7 percent higher than in May 2010. Food prices have risen considerably in recent months.

According to the European harmonised method (HICP), Dutch inflation climbed to 2.4 percent. The eurozone inflation rate dropped from 2.8 percent in April to 2.7 percent in May.