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Dutch Inflation: Developments, Drivers, and the Risk of Wage-Price Spiral: NETHERLANDS
Author:
Saioa Armendariz
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Ms. Alla Myrvoda 0000000404811396 https://isni.org/isni/0000000404811396 International Monetary Fund

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Series:
Selected Issues Papers
Volume/Issue:
Volume 2023: Issue 021
Language:
English
Publication Date:
13 Mar 2023
DOI:
https://doi.org/10.5089/9798400235320.018
ISBN:
9798400235320
ISSN:
2958-7875
Pages:
30
Keywords:
Inflation; energy; Phillips curve; wages; profits; energy mix; collective bargaining; inflation methodology; energy pass-through; inflation differential; core inflation composition; Wage-Price spiral; inflation development; I. Phillips Curve specification; Energy prices; Consumer prices; Fuel prices; Global
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IMF Selected Issues Papers are prepared by IMF staff as background documentation for periodic consultations with member countries. It is based on the information available at the time it was completed.
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Global inflation surged in 2022, driven by high gas price growth. With Russia being a key supplier of energy products, the start of the war in Ukraine has led to strong inflationary pressures in the euro area (EA), given the region’s significant exposure to the Russian gas. The price shock has been particularly strong in the Netherlands, largely due to the larger share of gas on the energy mix compared to other peers, making the country vulnerable to changing market conditions.

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Cover Selected Issues Papers
Selected Issues Papers
Publisher:
International Monetary Fund
Volume 2023: Issue 021