May's inflation rate substantially higher

• Food prices more than 6 percent up on May 2007
• Price of diesel fuel soaring
• Eurozone inflation rate also higher

The consumer price index published by Statistics Netherlands shows that in May 2008 Dutch inflation was 2.3 percent, i.e. 0.3 percentage points up on April. The increase is mainly caused by higher food and fuel prices.

Food prices rose by 6.3 percent in May relative to the same month last year. This is the most substantial price increase since February 2002. Prices of fresh vegetables in particular rose considerably in May (+8.0 percent).

Diesel fuel and petrol prices rose by 32 and 7.2 percent respectively, compared to May 2007. Airline tickets were 15 percent more expensive than in May last year.

Dutch inflation according to the European method (HICP) stood at 2.1 percent in May. According to an estimate conducted by Eurostat, the inflation rate in the eurozone was 3.6 percent in May.