The Dutch inflation rate was 2.9 percent in June and 2.8 percent in May. The increase was mainly due to petrol prices. Food prices had a downward effect on inflation. Inflation is defined as the increase in the consumer price index (CPI) in a given month compared to the same month in the previous year.
Dutch inflation rate
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 3.2 percent in June, i.e. twice as high as the average inflation rate in the eurozone. Eurostat, the European statistical office, calculated an inflation rate of 1.6 percent in June. Inflation is rising in the eurozone as well as in the Netherlands.
Dutch inflation according to HICP
More figures can be found in the Business cycle dossier.For more information on economic indicators, see the Economic Monitor.