Harry Styles fans flew to Amsterdam, paid a 21% premium for hotels, and sent inflation soaring. One Gen Zer paid $1,000 for a tiny ‘box’ hotel room

Inflation has remained stubbornly elevated across the United States and Europe, driven by everything from energy costs to geopolitical tensions in the Middle East. But in the Netherlands, central bankers pointed to an unlikely contributor: a Harry Styles concert residency that sent thousands of Gen Z and Millennial fans rushing to Amsterdam.

The pop superstar’s Together, Together tour made Amsterdam its only mainland European stop, with a 10-day residency between May 16 and June 5. The concerts drew fans from across Europe—and even the United States—fueling a surge in demand for hotel rooms.

In May alone, hotel prices in the Netherlands surged 21% on average, contributing 0.4 percentage points to the country’s monthly inflation rate—more than half the increase from April, according to Bas ter Weel, director of monetary affairs at the Dutch central bank. Overall inflation rose from 2.8% in April to 3.5% in May.

The spike was........

© Fortune