SINT MAARTEN/THE NETHERLANDS – The Consumer Price Index, one of the key indicators in determining inflation, rose by 2.1% in July, the highest increase in nearly five years, the national statistics office CBS reported on Tuesday.
The CPI stood at 1.7% in June. Last month was the first time since September 2013 that the price increase for goods and services was above 2%.
The CPI measures the cost of a basket of goods and services including daily shopping, clothing, petrol, rent and insurance premiums.
Rents for housing was a major factor in the rise of the CPI as most rents throughout the country are adjusted on an annual basis in July. In July 2018, rents rose by an average 2.3% compared to the year-earlier period.
In 2017, rents rose by only 1.6% on average. Electricity and natural gas were also more expensive, the CBS said. (DutchNews)