Consumer prices 2.0 percent up in November

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Statistics Netherlands (CBS) reports that the consumer price index (CPI) was 2.0 percent higher in November than in the same month last year. In October, prices of consumer goods and services were up by 2.1 percent year-on-year. The CPI increase has been close to 2 percent for five months consecutive months now.

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)
jaarmaandchange (year-on-year % change)
2014January1.4
2014February1.1
2014March0.8
2014April1.2
2014May0.8
2014June0.9
2014July0.9
2014August1
2014September0.9
2014October1.1
2014November1
2014December0.7
2015January0
2015February0.2
2015March0.4
2015April0.6
2015May1.1
2015June1
2015July1
2015August0.8
2015September0.6
2015October0.6
2015November0.7
2015December0.7
2016January0.6
2016February0.6
2016March0.6
2016April0
2016May0
2016June0
2016July-0.2
2016August0.2
2016September0.1
2016October0.4
2016November0.6
2016December1
2017January1.7
2017February1.8
2017March1.1
2017April1.6
2017May1.1
2017June1.1
2017July1.3
2017August1.4
2017September1.5
2017October1.3
2017November1.5
2017December1.3
2018January1.5
2018February1.2
2018March1
2018April1.1
2018May1.7
2018June1.7
2018July2.1
2018August2.1
2018September1.9
2018October2.1
2018November2.0

Increase in fuel prices has slowed down

The increase in the CPI slowed down in November, mainly due to the price development of motor fuels. In November, the consumer price for petrol at the filling station was about the same as one year previously, while in October it was up by 8.1 percent year-on-year. The price development of diesel also had a downward effect on the consumer price index. In November, consumers paid 9 percent more for diesel compared to the same month last year, but in October the price increase was 14.5 percent.

The price development of food, however, had an upward effect on the consumer price index. In November, food prices were on average 1.1 percent higher than in November 2017, while in October the year-on-year increase was 0.5 percent.

CPI: Major contributions to year-on-year change
 November (percentage point)October (percentage point)
Total22.1
Housing, water and
energy
0.960.91
Transport0.310.52
Miscellaneous goods
and services
0.260.25
Consumption abroad0.230.21
Restaurants and hotels0.160.16
Food and non alcoholic
beverages
0.110.05
Alcoholic beverages and
tobacco
0.090.09
Clothing and footwear0.080.02
Recreation and culture-0.060.01
Communications-0.16-0.18

Rise in Dutch consumer prices lower than in eurozone

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

In November, HICP-based prices of goods and services in the Netherlands were 1.8 percent up year-on-year, versus 1.9 percent in October. In the eurozone, the price increase slowed down from 2.2 to 2.0 percent.

HICP
jaarmaandNetherlands (year-on-year % change)Euro area (year-on-year % change)
2014January0.80.8
2014February0.40.7
2014March0.10.5
2014April0.60.7
2014May0.10.5
2014June0.30.5
2014July0.30.4
2014August0.40.4
2014September0.30.3
2014October0.40.4
2014November0.30.3
2014December-0.1-0.2
2015January-0.7-0.6
2015February-0.5-0.3
2015March-0.3-0.1
2015April00
2015May0.70.3
2015June0.50.2
2015July0.80.2
2015August0.40.1
2015September0.3-0.1
2015October0.40.1
2015November0.40.1
2015December0.50.2
2016January0.20.3
2016February0.3-0.2
2016March0.50
2016April-0.2-0.2
2016May-0.2-0.1
2016June-0.20.1
2016July-0.60.2
2016August0.10.2
2016SSeptember-0.10.4
2016October0.30.5
2016November0.40.6
2016December0.71.1
2017January1.61.8
2017February1.72
2017March0.61.5
2017April1.41.9
2017May0.71.4
2017June11.3
2017July1.51.3
2017August1.51.5
2017September1.41.5
2017October1.31.4
2017November1.51.5
2017December1.21.4
2018January1.51.3
2018February1.31.1
2018March11.3
2018April11.3
2018May1.91.9
2018June1.72
2018July1.92.1
2018August1.92
2018September1.62.1
2018October1.92.2
2018November1.82

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.