Home Government & Politics Inflation rate sank to 1.3 percent last year

Inflation rate sank to 1.3 percent last year

by Hessel van Bekkum

Inflation rates sunk to 1.3 percent in the Netherlands in 2020 compared to 2.6 percent in the year prior, Statistics Netherlands reported on Tuesday. This means that consumers spent 1.3 percent more on their daily essentials than in 2019.  In the past year, energy costs sank by nearly 12 percent compared to the year prior, contributing to the decline in the average price increase. Food item prices rose by only two percent in 2020. In 2019, the inflation rate on food items lay at 4.3 percent, partly due the low VAT rate increasing from six to nine percent.

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