Dutch inflation rose to 2.7% in March, marking an increase from February's 2.4% rate, based on the Centraal Bureau voor de Statistiek's (CBS) preliminary estimate. This uptick reverses a recent downward trend toward the 2% level viewed as healthy by policymakers.

Higher energy costs, especially for fuels, drove the acceleration. Energy prices, including gasoline and diesel, stood 6.5% above February levels this year, after remaining flat year-over-year in the prior month, CBS data shows. Global oil prices surged following Israel's and the United States' attacks on Iran, which responded by blocking the Strait of Hormuz and damaging refineries. The conflict, now in its fifth week, has pushed pump prices higher across Europe.

Food prices also edged up 2% year-over-year, slightly more than the 1.4% rise in February. In contrast, services inflation eased to 3.8% from 4.2%, while industrial goods held steady at 0.4% higher than a year ago.

This development recalls the inflation spike after Russia's 2022 invasion of Ukraine, when rates exceeded 10%—peaking at 14.5% in September—largely due to soaring gas prices. Although current levels remain far lower, the renewed pressure from Middle East tensions has reignited concerns.

Analysts anticipate ripple effects in coming months, including costlier flights, certain groceries, and gas heating for households renewing contracts, as higher fuel expenses filter through supply chains.

The data arrives amid political debates in The Hague over household support. Lawmakers have proposed measures like lower fuel taxes or price caps at the pump, but the cabinet under Rob Jetten resists broad intervention. A promised hardship fund for energy bills is slated for autumn, while experts urge focusing resources on electrification and home insulation instead of fuel subsidies.

The final March figure is due on April 9.