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Netherlands Inflation Rose to 3.5% in May as Hotel Prices Jumped 21%
Hotel prices in the Netherlands increased 21 percent in May, adding 0.4 percentage points to the monthly inflation rate. The European Central Bank cited concert-related hotel costs when discussing services inflation before raising its benchmark rate.
Jul 10, 3:03 AM·1m read1 source
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Inflation in the Netherlands rose to 3.5 percent in May from 2.8 percent in April after hotel prices increased 21 percent on average, Fortune reported. The hotel-price surge contributed 0.4 percentage points to the monthly inflation rate. Harry Styles held a 10-day residency in Amsterdam from May 16 to June 5 as the only mainland European stop on the Together, Together tour.
The concerts drew fans from across Europe and the United States, increasing demand for lodging. The European Central Bank referenced “concert-related hotel prices in the Netherlands” when discussing services-inflation acceleration ahead of its June decision to raise the benchmark interest rate by 0.25 percentage points to 2.4 percent.
” Some concert tickets sold for as low as €50, while hotel rooms reached €900 for five nights and one fan reported staying on a canal houseboat.
One-third of Gen Z respondents said they believe they will never own a home. The generation scored lowest on financial literacy in TIAA’s most recent report yet began saving for retirement about 15 years earlier than baby boomers on average. Ter Weel noted the price spike temporarily lifted inflation while also boosting economic activity and highlighted Gen Z spending power.
