Consumer prices 2.3 percent up in August

06/09/2018 15:00

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Statistics Netherlands (CBS) reports that the consumer price index (CPI) was 2.3 percent higher in August than in the same month last year, the highest increase in almost five years. In July, prices of consumer goods and services were up by 2.1 percent year-on-year.

The consumer price index (CPI) is an important indicator for inflation, but 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)
jaar	maand	change (year-on-year % change)
2014	January	1.4
2014	February	1.1
2014	March	0.8
2014	April	1.2
2014	May	0.8
2014	June	0.9
2014	July	0.9
2014	August	1
2014	september	0.9
2014	October	1.1
2014	November	1
2014	December	0.7
2015	January	0
2015	February	0.2
2015	March	0.4
2015	April	0.6
2015	May	1.1
2015	June	1
2015	July	1
2015	August	0.8
2015	september	0.6
2015	October	0.6
2015	November	0.7
2015	December	0.7
2016	January	0.6
2016	February	0.6
2016	March	0.6
2016	April	0
2016	May	0
2016	June	0
2016	July	-0.2
2016	August	0.2
2016	september	0.1
2016	October	0.4
2016	November	0.6
2016	December	1
2017	January	1.7
2017	February	1.8
2017	March	1.1
2017	April	1.6
2017	May	1.1
2017	June	1.1
2017	July	1.3
2017	August	1.4
2017	september	1.5
2017	October	1.3
2017	November	1.5
2017	December	1.3
2018	January	1.5
2018	February	1.2
2018	March	1
2018	April	1.1
2018	May	1.7
2018	June	1.7
2018	July	2.1
2018	August	2.3

Consumer price index (CPI)
jaar	maand	change (year-on-year % change)
2014	January	1.4
2014	February	1.1
2014	March	0.8
2014	April	1.2
2014	May	0.8
2014	June	0.9
2014	July	0.9
2014	August	1
2014	september	0.9
2014	October	1.1
2014	November	1
2014	December	0.7
2015	January	0
2015	February	0.2
2015	March	0.4
2015	April	0.6
2015	May	1.1
2015	June	1
2015	July	1
2015	August	0.8
2015	september	0.6
2015	October	0.6
2015	November	0.7
2015	December	0.7
2016	January	0.6
2016	February	0.6
2016	March	0.6
2016	April	0
2016	May	0
2016	June	0
2016	July	-0.2
2016	August	0.2
2016	september	0.1
2016	October	0.4
2016	November	0.6
2016	December	1
2017	January	1.7
2017	February	1.8
2017	March	1.1
2017	April	1.6
2017	May	1.1
2017	June	1.1
2017	July	1.3
2017	August	1.4
2017	september	1.5
2017	October	1.3
2017	November	1.5
2017	December	1.3
2018	January	1.5
2018	February	1.2
2018	March	1
2018	April	1.1
2018	May	1.7
2018	June	1.7
2018	July	2.1
2018	August	2.3

Clothes and food more expensive

The increase in the CPI was higher in August than in July, mainly due to the price development of clothes and food.

CPI: Major contributions to year-on-year change
	August (percentage point)	July (percentage point)
Total	2.3	2.1

Housing, water and energy	0.87	0.88
Transport	0.59	0.55
Miscellaneous goods and services	0.25	0.22
Consumption abroad	0.21	0.19
Restaurants and hotels	0.18	0.15
Clothing and footwear	0.1	0.06
Alcoholic beverages and tobacco	0.07	0.08
Food and non alcoholic beverages	0.05	0.01

CPI: Major contributions to year-on-year change
	August (percentage point)	July (percentage point)
Total	2.3	2.1

Housing, water and energy	0.87	0.88
Transport	0.59	0.55
Miscellaneous goods and services	0.25	0.22
Consumption abroad	0.21	0.19
Restaurants and hotels	0.18	0.15
Clothing and footwear	0.1	0.06
Alcoholic beverages and tobacco	0.07	0.08
Food and non alcoholic beverages	0.05	0.01

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).

In August, HICP-based prices of goods and services in the Netherlands were 2.1 percent up year-on-year, versus 1.9 percent in July. In the eurozone, the price increase went down from 2.1 to 2.0 percent. For the first time since March 2018, the rise in Dutch consumer prices was higher than in the eurozone.

HICP
jaar	maand	Netherlands (year-on-year % change)	Euro area (year-on-year % change)
2014	January	0.8	0.8
2014	February	0.4	0.7
2014	March	0.1	0.5
2014	April	0.6	0.7
2014	May	0.1	0.5
2014	June	0.3	0.5
2014	July	0.3	0.4
2014	August	0.4	0.4
2014	september	0.3	0.3
2014	October	0.4	0.4
2014	November	0.3	0.3
2014	December	-0.1	-0.2
2015	January	-0.7	-0.6
2015	February	-0.5	-0.3
2015	March	-0.3	-0.1
2015	April	0	0
2015	May	0.7	0.3
2015	June	0.5	0.2
2015	July	0.8	0.2
2015	August	0.4	0.1
2015	september	0.3	-0.1
2015	October	0.4	0.1
2015	November	0.4	0.1
2015	December	0.5	0.2
2016	January	0.2	0.3
2016	February	0.3	-0.2
2016	March	0.5	0
2016	April	-0.2	-0.2
2016	May	-0.2	-0.1
2016	June	-0.2	0.1
2016	July	-0.6	0.2
2016	August	0.1	0.2
2016	september	-0.1	0.4
2016	October	0.3	0.5
2016	November	0.4	0.6
2016	December	0.7	1.1
2017	January	1.6	1.8
2017	February	1.7	2
2017	March	0.6	1.5
2017	April	1.4	1.9
2017	May	0.7	1.4
2017	June	1	1.3
2017	July	1.5	1.3
2017	August	1.5	1.5
2017	september	1.4	1.5
2017	October	1.3	1.4
2017	November	1.5	1.5
2017	December	1.2	1.4
2018	January	1.5	1.3
2018	February	1.3	1.1
2018	March	1	1.3
2018	April	1	1.3
2018	May	1.9	1.9
2018	June	1.7	2
2018	July	1.9	2.1
2018	August	2.1	2

HICP
jaar	maand	Netherlands (year-on-year % change)	Euro area (year-on-year % change)
2014	January	0.8	0.8
2014	February	0.4	0.7
2014	March	0.1	0.5
2014	April	0.6	0.7
2014	May	0.1	0.5
2014	June	0.3	0.5
2014	July	0.3	0.4
2014	August	0.4	0.4
2014	september	0.3	0.3
2014	October	0.4	0.4
2014	November	0.3	0.3
2014	December	-0.1	-0.2
2015	January	-0.7	-0.6
2015	February	-0.5	-0.3
2015	March	-0.3	-0.1
2015	April	0	0
2015	May	0.7	0.3
2015	June	0.5	0.2
2015	July	0.8	0.2
2015	August	0.4	0.1
2015	september	0.3	-0.1
2015	October	0.4	0.1
2015	November	0.4	0.1
2015	December	0.5	0.2
2016	January	0.2	0.3
2016	February	0.3	-0.2
2016	March	0.5	0
2016	April	-0.2	-0.2
2016	May	-0.2	-0.1
2016	June	-0.2	0.1
2016	July	-0.6	0.2
2016	August	0.1	0.2
2016	september	-0.1	0.4
2016	October	0.3	0.5
2016	November	0.4	0.6
2016	December	0.7	1.1
2017	January	1.6	1.8
2017	February	1.7	2
2017	March	0.6	1.5
2017	April	1.4	1.9
2017	May	0.7	1.4
2017	June	1	1.3
2017	July	1.5	1.3
2017	August	1.5	1.5
2017	september	1.4	1.5
2017	October	1.3	1.4
2017	November	1.5	1.5
2017	December	1.2	1.4
2018	January	1.5	1.3
2018	February	1.3	1.1
2018	March	1	1.3
2018	April	1	1.3
2018	May	1.9	1.9
2018	June	1.7	2
2018	July	1.9	2.1
2018	August	2.1	2

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

StatLine - Consumer prices

Clothes and food more expensive

Rise in Dutch consumer prices higher than in eurozone

Sources

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