The increase in inflation was mainly due to price developments for energy, such as electricity, gas and district heating. In July, energy was 108 percent more expensive than in the same month in 2021.
Meanwhile, food was 12.3 percent more expensive than in the same month last year, compared to an 11.2 percent rise in June. Cereal products, dairy products, and sugar and confectionery, including ice cream, contributed most to this development.
CBS chief economist Peter Hein van Mulligen said that the food price increases were the largest in decades. Edible oils such as sunflower oil, with a price increase of more than 60 percent, were among the top contributors.
Rental prices for houses also pushed up inflation. According to preliminary figures, house rents were 3 percent higher in July 2022 than one year earlier.
On the other hand, motor fuel prices were 25 percent more expensive in July than in the same month in 2021, but in June 2022, the annual price increase was 35 percent.
"Today's high inflation will undoubtedly have serious consequences for our purchasing power," said Van Mulligen.
However, he added: "Inflation of 10 percent does not automatically mean that purchasing power also decreases by 10 percent. Higher wages, tax cuts and income support make the decline in purchasing power less pronounced."
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