Consumer prices 2.6 percent up in February

Statistics Netherlands (CBS) reports that the consumer price index (CPI) was 2.6 percent higher in February than in the same month last year. In January, prices of consumer goods and services were up by 2.2 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) (year-on-year % change)
YearMonthYear-on-year change
2014January1.4
February1.1
March0.8
April1.2
May0.8
June0.9
July0.9
August1
September0.9
October1.1
November1
December0.7
2015January0
February0.2
March0.4
April0.6
May1.1
June1
July1
August0.8
September0.6
October0.6
November0.7
December0.7
2016January0.6
February0.6
March0.6
April0
May0
June0
July-0.2
August0.2
September0.1
October0.4
November0.6
December1
2017January1.7
February1.8
March1.1
April1.6
May1.1
June1.1
July1.3
August1.4
September1.5
October1.3
November1.5
December1.3
2018January1.5
February1.2
March1
April1.1
May1.7
June1.7
July2.1
August2.1
September1.9
October2.1
November2
December2
2019January2.2
February2.6

Increase in fuel prices

The increase in the CPI was higher, mainly due to the price development of motor fuels. In February, the consumer price for petrol at the filling station was 0.9 percent up compared to one year previously, while in January it was down by 2.7 percent year-on-year. In February, consumers paid 7.4 percent more for diesel compared to the same month last year. In January, the year-on-year price increase was 1.1 percent. Consumer prices were pushed further upwards by the price development of air fares and clothes as well.

CPI: Major contributions to year-on-year change (percentage point)
 FebruaryJanuary
Total2.62.2
Housing, water and
energy
1.141.14
Food and non alcoholic
beverages
0.340.35
Transport0.320
Clothing and footwear0.210.15
Restaurants and hotels0.210.2
Miscellaneous goods
and services
0.180.17
Consumption abroad0.090.14
Communications-0.17-0.19

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 February, HICP-based prices of goods and services in the Netherlands were 2.6 percent up year-on-year versus 2.0 percent in January. In the eurozone, the price increase went up from 1.4 to 1.5 percent.

HICP (year-on-year % change)
yearmonthThe NetherlandsEuro area
2014January0.80.8
February0.40.7
March0.10.5
April0.60.7
May0.10.5
June0.30.5
July0.30.4
August0.40.4
September0.30.3
October0.40.4
November0.30.3
December-0.1-0.2
2015January-0.7-0.6
February-0.5-0.3
March-0.3-0.1
April00.2
May0.70.6
June0.50.5
July0.80.5
August0.40.4
September0.30.2
October0.40.4
November0.40.1
December0.50.3
2016January0.20.3
February0.3-0.1
March0.50
April-0.2-0.3
May-0.2-0.1
June-0.20
July-0.60.2
August0.10.2
September-0.10.4
October0.30.5
November0.40.6
December0.71.1
2017January1.61.7
February1.72
March0.61.5
April1.41.9
May0.71.4
June11.3
July1.51.3
August1.51.5
September1.41.6
October1.31.4
November1.51.5
December1.21.3
2018January1.51.3
February1.31.1
March11.4
April11.2
May1.92
June1.72
July1.92.2
August1.92.1
September1.62.1
October1.92.3
November1.81.9
December1.81.5
2019January21.4
February2.61.5

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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