Inflation rate down

Dutch inflation stood at 2.4 percent in December, i.e. 0.2 percentage points down on November. This is mainly due to changes in petrol prices and phone rates. Inflation is defined as the increase in the consumer price index (CPI) in a particular month compared to the same month in the previous year.

Housing, energy and water (0.7 percentage points) contributed most to December’s inflation rate of 2.4 percent. Food products and transport costs each contributed 0.3 percentage points. Other goods and services also contributed to inflation, but to a lesser extent.

The harmonised consumer price index (HICP) allows comparison between the inflation rates in the various member states of the European Union. According to the HICP method, the Dutch inflation rate in December was 2.5 percent, i.e. 0.2 percentage points below November’s inflation rate. Eurostat, the European statistical office, calculated an inflation rate of 2.7 percent in the eurozone for December, i.e. 0.3 percentage points down on November. The level of inflation in the eurozone is one of the main guidelines for the European Central Bank (ECB) to change or refrain from changing the interest rate. According to the ECB, prices in the eurozone are stable, if the inflation rate is close to 2 percent.

Dutch inflation rate

More figures can be found in the Business cycle dossier.

For more information on Dutch inflation, see Statistics Netherlands’ online video on YouTube.