The Dutch inflation rate was 2.8 percent in May versus 2.6 percent in April. In April and March, the inflation rate had dropped. 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.
Dutch inflation rate
The inflation increase was mainly due to petrol price developments. In May, petrol was 1.9 percent cheaper than in May 2012, but the price drop was less substantial than in April (3.7 percent).
Prices of food products and holidays abroad also had an upward effect on inflation. Vegetables and fruit prices were considerably higher than one year previously. Prices of telephone and internet services, on the other hand, had a downward effect on inflation.
The harmonised consumer price index (HICP) allows comparison between the inflation rates in the various member states of the European Union (EU). 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.
According to the HICP method, the inflation rate in the Netherlands was 3.1 percent in May, i.e. 0.3 percentage points higher than in April. Eurostat, the European statistical office, calculated an inflation rate of 1.4 percent in May, versus 1.2 percent in April.
Dutch inflation according to HICP
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, see the Economic Monitor.