Inflation stable at 2.3 percent

• Motor fuel prices have upward effect on inflation
• Clothing prices have downward effect on inflation
• Dutch inflation rate below eurozone level

Inflation remained stable in August. Just like in July, consumer prices were on average 2.3 percent up from one year previously, as the most recent figures released by Statistics Netherlands show.

Motor fuel prices were more than 9 percent higher than in August 2011, which contributed to inflation. Inflation was curbed by clothing prices. Clothes were cheaper than one year ago. On balance, inflation remained the same in August as in July.

Dutch inflation according to the European harmonised method (HICP) was 2.5 percent, i.e. 0.1 percentage points lower than in July. The eurozone inflation rate rose from 2.4 percent in July to 2.6 percent in August. For the first time in 2012, the Dutch inflation rate is below the eurozone level.