Consumer prices 1.5 percent up in January

Statistics Netherlands (CBS) reports that the consumer price index (CPI) was 1.5 percent higher in January than in the same month last year. In December, prices of consumer goods and services were 1.3 percent up.

The consumer price index (CPI) is an important indicator for inflation, but is not the only one. It is an index for price changes in a basket of consumer goods and services, such as groceries, clothing, petrol, rent and insurance premiums. Inflation is a broader term which covers more than consumer goods and services; for example, prices of owner-occupied houses, manufactured products, shares and gold are also subject to change.

Consumer price index (CPI) (year-on-year % change)
 change
2013 Jan3
2013 Feb3
2013 Mar2.9
2013 Apr2.6
2013 May2.8
2013 Jun2.9
2013 Jul3.1
2013 Aug2.8
2013 Sep2.4
2013 Oct1.6
2013 Nov1.5
2013 Dec1.7
2014 Jan1.4
2014 Feb1.1
2014 Mar0.8
2014 Apr1.2
2014 May0.8
2014 Jun0.9
2014 Jul0.9
2014 Aug1
2014 Sep0.9
2014 Oct1.1
2014 Nov1
2014 Dec0.7
2015 Jan0
2015 Feb0.2
2015 Mar0.4
2015 Apr0.6
2015 May1.1
2015 Jun1
2015 Jul1
2015 Aug0.8
2015 Sep0.6
2015 Oct0.6
2015 Nov0.7
2015 Dec0.7
2016 Jan0.6
2016 Feb0.6
2016 Mar0.6
2016 Apr0
2016 May0
2016 Jun0
2016 Jul-0.2
2016 Aug0.2
2016 Sep0.1
2016 Oct0.4
2016 Nov0.6
2016 Dec1
2017 Jan1.7
2017 Feb1.8
2017 Mrt1.1
2017 Apr1.6
2017 May1.1
2017 June1.1
2017 Jul1.3
2017 Aug1.4
2017 Sep1.5
2017 Oct1.3
2017 Nov1.5
2017 Dec1.3
2018 Jan1.5

Higher energy prices

The year-on-year increase in consumer prices over January was higher than in December. This is mainly due to price developments of electricity and natural gas.

In January 2018, the price increase of electricity was 12.8 percent and 5.9 percent for natural gas, compared to the same month last year. In December 2017, the year-on-year price increase for both electricity and natural gas was smaller. The higher price increase in January 2018 is partly attributable to higher energy taxes. The price development of clothes, on the other hand, drove the inflation rate down.

CPI; major contributions to year-on-year change (percentage point)
 DecJan
Total1.31.5
Housing, water and
energy
0.410.61
Food and non alcoholic
beverages
0.290.26
Miscellaneous goods
and services
0.150.25
Recreatie en cultuur0.220.2
Restaurants and hotels0.190.18
Transport0.110.14
Consumption abroad0.090.04
Clothing and footwear0.01-0.05
Communication-0.27-0.25

Rise in Dutch consumer prices higher than in eurozone

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

HICP-based prices in the Netherlands increased from 1.2 percent in December to 1.5 percent in January. In the eurozone, however, the price increase of goods and services fell from 1.4 to 1.3 percent. For the first time since August 2017, the price increase in the Netherlands is higher than in the eurozone.

HICP (year-on-year % change)
 The NetherlandsEuro area
2013 Jan3.22
2013 Feb3.21.9
2013 Mar3.21.7
2013 Apr2.81.2
2013 May3.11.4
2013 Jun3.21.6
2013 Jul3.11.6
2013 Aug2.81.3
2013 Sep2.41.1
2013 Oct1.30.7
2013 Nov1.20.9
2013 Dec1.40.8
2014 Jan0.80.8
2014 Feb0.40.7
2014 Mar0.10.5
2014 Apr0.60.7
2014 May0.10.5
2014 Jun0.30.5
2014 Jul0.30.4
2014 Aug0.40.4
2014 Sep0.30.3
2014 Oct0.40.4
2014 Nov0.30.3
2014 Dec-0.1-0.2
2015 Jan-0.7-0.6
2015 Feb-0.5-0.3
2015 Mar-0.3-0.1
2015 Apr00
2015 May0.70.3
2015 Jun0.50.2
2015 Jul0.80.2
2015 Aug0.40.1
2015 Sep0.3-0.1
2015 Oct0.40.1
2015 Nov0.40.1
2015 Dec0.50.2
2016 Jan0.20.3
2016 Feb0.3-0.2
2016 Mar0.50
2016 Apr-0.2-0.2
2016 May-0.2-0.1
2016 Jun-0.20.1
2016 Jul-0.60.2
2016 Aug0.10.2
2016 Sep-0.10.4
2016 Oct0.30.5
2016 Nov0.40.6
2016 Dec0.71.1
2017 Jan1.61.8
2017 Feb1.72
2017 Mar0.61.5
2017 Apr1.41.9
2017 May0.71.4
2017 Jun11.3
2017 Jul1.51.3
2017 Aug1.51.5
2017 Sep1.41.5
2017 Oct1.31.4
2017 Nov1.51.5
2017 Dec1.21.4
2018 Jan1.51.3

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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