In January, Dutch inflation was 0.8 percent, i.e. down 0.3 percentage points on December. Inflation fell for the first time in five months. Inflation is defined as the consumer price index (CPI) increase relative to the same month one year previously.
The decrease is predominantly caused by developments in energy prices. Electricity became 5.0 percent cheaper in January. Although gas became 1.0 percent more expensive in January, the rates had been lowered substantially in July. This makes that the price of gas was well over 21 percent below last year’s level. The energy price was down by over 17 percent on the year before. Food prices in January were down by 2.0 percent on the year before. In December this was 1.1 percent. Prices of clothing exerted an upward effect on inflation.
With 0.6 percentage points, the transport sector accounted for most of January’s inflation. Higher prices in the sector hotels and restaurants accounted for 0.2 percentage points. Alcoholic drinks and tobacco products became more expensive, accounting for 0.1 percentage points. Housing, water and energy had a downward effect of 0.5 percent on inflation. Food products and non-alcoholic drinks were cheaper than twelve months previously. This had a downward effect on inflation of 0.2 percentage points.
The harmonised consumer price index (HICP) allows comparison between the inflation rates in the various member states of the European Union (EU). According to the HICP, the Netherlands had an inflation rate of 0.4 percent in January. Eurostat, the European statistical office, calculated an inflation rate of 1.0 percent in the Eurozone in January