Inflation stable in May

Dutch inflation was 1.8 percent in May, just like in March and April. Inflation is calculated from the increase in the consumer price index (CPI) relative to the same month one year previously.

The price development for petrol had an upward effect on inflation. The price of petrol was on average 2.8 percent higher than twelve months ago. In April, the price difference was only 0.1 percent on an annual basis. Price developments for flowers and plants, on the other hand, had a downward effect on inflation. Flowers and plants were on average almost 5 percent more expensive than one year ago, but in April the price of these products was 18 percent higher.

With 0.8 percentage points, the costs of housing, water and energy were the main contributors to inflation in April. Cloths and footwear and transport contributed 0.2 percentage points. The sector hotels and restaurants also contributed 0.2 percentage points to inflation. Price developments of communication and recreation and culture, on the other hand, reduced inflation by 0.1 percentage points.

The harmonised consumer price index (HICP) allows comparison between the member states of the European Union. According to the HICP method, Dutch inflation  slightly rose to 2.0 percent in May. Inflation in the eurozone was 1.9 percent in May. The inflation rate in the Netherlands slightly exceeds the eurozone average.

Dutch inflation