The annualized inflation rate in the Netherlands was 11.9% in March this year. The inflation figure was published this morning and is calculated on the basis of the European Harmonized Index of Consumer Prices (HICP). In February, the inflation rate was 7.3%. The main driver of the current inflation are the high energy prices. On an annual basis, energy prices, including fuels, increased by 102.9%.
Yesterday, Russian President Vladimir Putin announced that as of today, Russian gas must be paid for in Russian rubles. This also applies to current contracts. To make payments in rubles, buyers are also required to open bank accounts with Russian banks. Bloomberg reported this yesterday. They also reported that Russia will continue to supply the agreed volumes at the agreed prices.
The United States is going to make the largest release from its oil reserve ever. This was announced by US President Joe Biden yesterday. The hope is that this will curb the soaring prices for oil and gas. This release will entail 1 million barrels per day in the coming months, which roughly amounts to 180 million barrels.
The 6M Euribor increased with 1 basis point to -0.37% compared to previous business day. The 10Y Swap decreased with 8 basis points to 1.20% compared to previous business day.
In the attachment, today’s market data on money and capital market rates as well as other rates are presented.
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