Inflation unchanged

Dutch inflation stood at 2.5 percent in February 2012, i.e. the same rate as in January. 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.

There were some underlying changes. Prices of petrol and fresh vegetables had an upward effect on inflation in February. Clothes prices, on the other hand, had a downward effect.

Housing, energy and water and transport costs contributed 0.7 and 0.5 percentage points respectively to February’s inflation rate of 2.5 percent. Food products and soft drinks accounted for 0.3 percentage points. Alcoholic drinks and tobacco accounted for 0.2 percentage points, so did consumption abroad. Other goods and services also contributed to inflation, though 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 (EU). According to the HICP method, the Dutch inflation rate in February was 2.9 percent, the same as in January. Eurostat, the European statistical office, calculated an inflation rate of 2.7 percent for the eurozone in February, i.e. 0.1 percentage points up on January. 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

Dutch inflation rate

More figures can be found in dossier Business cycle.

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