Consumer prices 1.1 percent up from one year previously

06/07/2017 15:42
Statistics Netherlands (CBS) reports that the consumer price index (CPI) was 1.1 percent higher in June 2017 than in June 2016. In May, prices of consumer goods and services were also 1.1 percent up on a year-on-year basis.

The consumer price index (CPI) is one of the inflation indicators presented in the price dashboard. The price dashboard also includes other inflation indicators, e.g. the price index owner-occupied houses (excluding new constructions) and import and export prices of manufactured products.

Increase consumer prices unchanged

On average, the increase of consumer prices was the same in June as in May. Price developments for holidays abroad and holidays in Dutch holiday park accommodations had an upward effect on consumer prices. Petrol prices, on the other hand, rose less rapidly in June than in May on an annual basis. The price increase for goods and services purchased abroad also slowed down.

Eurozone prices rise less rapidly

In addition to the consumer price index (CPI), CBS also calculates the European harmonised price index (HICP).

HICP-based prices in the Netherlands rose from 0.7 percent in May to 1.0 percent in June. In the Eurozone, prices for goods and services fell from 1.4 to 1.3 percent.

The HICP is compiled according to the European harmonised method in order to facilitate comparison between the various EU member states. Price indices for the eurozone and the European Union as a whole are calculated on the basis of the HICPs of the individual member states. The European Central Bank (ECB) uses these figures to formulate its monetary policy.

Unlike the CPI, the HICP does not take into account the costs related to home ownership. In the Dutch CPI, these costs are calculated on the basis of rent levels.

Sources

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