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Dutch food prices soar as economy weakens – RT Business News


Economists no longer expect ‘impressive recovery’ and blame high inflation for poor performance

Food prices in the Netherlands jumped 15.7% in November compared to a year ago, according to data shared by Statistics Netherlands (CBS) on Thursday.

The consumer price index (CPI) rose 9.9% in November compared to the same month last year. Experts point out that bread, cereals, meat and dairy products in particular have contributed to the price increase.

According to the European Harmonized Index of Consumer Prices (HICP), services and consumer goods in the country were 11.3% more expensive in November than in the same period of 2021.

In its latest quarterly report released on Monday, Dutch financial services company Rabobank lowered its estimate of a “impressive recovery” of the Covid pandemic after growth stalled in the third quarter, and said the country’s economy “barely” grow in the years to come.

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Rabobank economist Nic Vrieselaar noted that the Dutch economy had reached its limits this year and pointed out “staff and equipment shortages everywhere.” Generating capacity is also strained by soaring energy prices, which leave no room for growth, according to the report.

“High inflation and rising rates are putting pressure on consumer and business spending,” he added.

After the expected growth of 4.2% for this year, analysts predict a weak performance of the Dutch economy, with an increase of only 0.6% next year, and forecast a GDP increase of 1% in 2024 .

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