Dutch inflation remains stable

Dutch inflation was 2.3 percent in September, just as in July and August. Prices for air tickets had an upward effect on inflation in September, but prices for new cars had a downward effect. On balance, inflation remained unchanged. 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.

Prices of housing, water, energy and transport contributed 0.7 and 0.6 of a percentage point respectively to September’s inflation rate of 2.3 percent. Recreation and culture contributed 0.2 of a percentage point, as did food and non-alcoholic drinks. Consumer spending abroad also accounted for 0.2 of a percentage point. 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 was 2.5 percent in September, the same rate as one month previously. Eurostat, the European statistical office, calculated an inflation rate of 2.6 percent for the eurozone, the same as in August. 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 the Business cycle dossier.

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

For more information on economic indicators, the reader is referred to the Economic Monitor.