De Nederlandsche Bank assessed how the rise in energy prices since February could affect Dutch inflation and wages. First-quarter 2026 data show no clear pass-through so far: the gross domestic product deflator declined slightly, consumer prices rose much less sharply than after the 2022 energy shock, and the contributions from corporate profits and wages were broadly unchanged from the previous quarter. The 2022 experience indicates that higher energy costs typically feed through gradually. Companies tend to raise prices before wages adjust through collective bargaining, after which wages may contribute more to domestic inflation as profit contributions ease. De Nederlandsche Bank noted that the interaction is unlikely to develop into a persistent wage-price spiral because higher wages are passed through to prices much less strongly than higher prices feed into wages. The main risks would arise if price increases spread across more goods and services or longer-term inflation expectations increased.
2026-08-27De Nederlandsche Bank
De Nederlandsche Bank finds no wider inflation or wage effects yet from rising energy prices
De Nederlandsche Bank found no clear wider inflation or wage effects yet from the rise in energy prices since February. First-quarter 2026 data showed a slight decline in the GDP deflator and little change in wage and profit contributions, although the 2022 experience suggests pass-through may occur with a delay.