Amsterdam: The Middle East conflict has pushed inflation in the Netherlands to 2.7% year-on-year in March, as reported by Dutch public broadcaster NOS. This increase, based on preliminary data from the Dutch Central Bureau of Statistics released on Tuesday, follows a period of easing inflation in recent months.

According to Anadolu Agency, higher oil prices per barrel are significantly impacting fuel prices, contributing to the rising cost of living. The report anticipates that prices for other goods and services, such as holiday flights and certain food products, will also rise in the coming months. Additionally, gas heating costs are expected to increase, particularly affecting households signing new energy contracts.

Companies have responded to higher costs for raw materials, packaging, and wages by raising their prices, the report noted. This trend mirrors a similar rise in living costs observed in 2022, when gas prices surged amid the war in Ukraine, leading to increased household energy bills.

The current inflationary pressures are exacerbated by disruptions in shipping through the Strait of Hormuz, a crucial route for global trade and energy. These disruptions followed attacks launched by the US and Israel on Iran late last month, prompting retaliatory strikes from Tehran on US-linked bases in at least six Gulf nations. The resulting interruptions to tanker traffic in the strait have already led to global oil supply disruptions and heightened prices.