Mixing rules may be extremely useful for predicting the properties of composite materials and coatings. The paper is devoted to the study of the applicability of the mixing rules to permittivity and permeability and the possibility of retrieving the intrinsic properties of inclusions. Magnetically soft Ni-Zn ferrites are chosen as the object of the study due to their low permittivity and the negligible influence of the skin effect. Due to this, the microwave properties of bulk ferrites may be measured by standard techniques. It is suggested to perform the analysis of the microwave properties of composites filled with Ni-Zn ferrite powder in terms of the normalized inverse susceptibility defined as the volume fraction of inclusions divided by the effective dielectric or magnetic susceptibility of the composite. The measured properties of the bulk ferrite are compared with those obtained by mixing rules from composite materials. The experimental evidence for difference between the mixing rules for permittivity and permeability of a composite, which was previously predicted only theoretically, is obtained. The reason for the difference is considered to be the effect of non-ideal electrical contacts between neighboring inclusions. It is also experimentally shown that the measured permeability of the bulk material may differ from the retrieved one. The measured static permeability is 1400 and the retrieved one is 12. The reason for the discrepancy is the difference between the domain structures and demagnetizing fields of particles and bulk ferrite.