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.
|Year||Month||Year-on-year change (year-on-year % change)|
Less sharp increase in motor fuel prices
The price development of motor fuels had a downward effect on the consumer price increase. In February, motor fuel prices were 4.8 percent up, while in January they were 9.6 percent up year-on-year.
Price developments of clothing also had a downward effect on consumer prices. In February, prices were 0.1 percent lower than in the same month last year, while in January they were 1.3 percent higher year-on-year.
|February (percentage point)||January (percentage point)|
|Miscellaneous goods |
|Food and non alcoholic|
|Recreation and culture||0.17||0.22|
|Restaurants and hotels||0.13||0.16|
|Housing, water and |
Consumer price rise in the Netherlands higher than in eurozone
Aside from the consumer price index (CPI), CBS also calculates the European harmonised index of consumer prices (HICP).
In February, HICP-based prices of goods and services in the Netherlands were 1.3 percent up year-on-year, versus 1.7 percent in January. In the eurozone, the price increase went down from 1.4 percent in January to 1.2 percent in February. The difference between the price increase in the Netherlands and the eurozone is much smaller now, but the price rise in the Netherlands is still higher than in the eurozone.
|year||month||The Netherlands (year-on-year % change)||Euro area (year-on-year % change)|
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 developments in rental property prices.