New data released Thursday by Statistics Netherlands (CBS) shows that in November, Dutch food prices have increased 15.7% compared to last year.

Compared to the same month last year the consumer price index (CPI) rose 9.9%. Bread, cereals, meat, and dairy products were called out as contributing to the price increase by experts.

Both services and consumer goods rose in cost 11.3% in November compared to the same period in 2021, according to the European harmonized consumer price index (HICP).

Dutch financial services company Raboban, in its latest quarterly report released Monday, downgraded its outlook on the likelihood of an “impressive recovery” from the Covid pandemic in the Netherlands, following a stalling of growth in the third quarter. It went on to predict the country will barely grow in the coming years.

According to Nic Vrieselaar, a Rabobank economist, the Dutch economy has reached its limits for this year, due to “staff and equipment shortages everywhere.” He also noted that rising energy prices would strain production capacity, and leave no room for growth.

He added, “High inflation and increased rates are putting pressure on consumer and business spending.”

Following this year’s 4.2% expected growth rate, experts are predicting the Dutch economy will underperform, making just a 0.6% advance next year, with a 1% GDP increase in 2024.