Dutch inflation was 3.2 percent in August, equal to the rate in July when inflation exceeded the 3 percent mark for the first time since 2002. Inflation is calculated as the increase of the consumer price index (CPI) relative to the same month in the previous year.
With an increase by 0.8 percentage points, costs of housing, water and energy contributed most to August’s inflation rate. Higher prices for food, soft drinks and higher prices for transport services and motor fuels contributed both 0.7 percentage points. The category ‘various goods and services’ (e.g. insurances) contributed 0.4 percentage points to the inflation rate. Prices of recreational and cultural services, such as audio, video, computers and software, and prices of communication services had a downward effect on inflation.
The harmonised consumer price index (HICP) allows comparison between the member states of the European Union (EU). According to the HICP, Dutch inflation was stable at 3 percent in August. Eurostat, the European statistical office, calculated an inflation rate in the eurozone of 3.8 percent in August. This is 0.2 percentage points down on July. As a result, the gap between the Dutch rate and the eurozone average has narrowed.