- Petrol price has downward effect on inflation
- Dutch inflation rate substantially above eurozone level
The inflation rate in the Netherlands fell marginally to 2.8 percent in November. Consumer prices in October were still 2.9 percent higher than one year previously as figures released by Statistics Netherlands show.
Lower petrol prices and – to a lesser extent– telephone fees had a downward effect on inflation. Consumer prices for clothes and tobacco products had a minor upward effect.
Dutch inflation according to the harmonised consumer price index (HICP) was 3.2 percent in November, i.e. 0.1 percentage points lower than in October. The eurozone inflation rate dropped by 0.3 percentage points to 2.2 percent in November. As a result, the eurozone rate is currently a full percentage point below the Dutch level of inflation. The gap has widened, because energy prices in the rest of Europe were immediately lowered in reaction to the lower oil price level, whereas in the Netherlands energy prices are usually adjusted only in January and July.