Inflation rate down to 0.8 percent in November

08/12/2020 15:00

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Statistics Netherlands (CBS) reports that the consumer price index (CPI) was 0.8 percent higher in November than in the same month last year. In October, prices of consumer goods and services were up by 1.2 percent year-on-year. Price developments of clothing and petrol had a downward effect on inflation.

Consumer price index (CPI)
Year	Month	Year-on-year change (year-on-year % change)
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	2.1
2018	September	1.9
2018	October	2.1
2018	November	2
2018	December	2
2019	January	2.2
2019	February	2.6
2019	March	2.8
2019	April	2.9
2019	May	2.4
2019	June	2.7
2019	July	2.5
2019	August	2.8
2019	September	2.6
2019	October	2.7
2019	November	2.6
2019	December	2.7
2020	January	1.8
2020	February	1.6
2020	March	1.4
2020	April	1.2
2020	May	1.2
2020	June	1.6
2020	July	1.7
2020	August	0.7
2020	September	1.1
2020	October	1.2

Consumer price index (CPI)
Year	Month	Year-on-year change (year-on-year % change)
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	2.1
2018	September	1.9
2018	October	2.1
2018	November	2
2018	December	2
2019	January	2.2
2019	February	2.6
2019	March	2.8
2019	April	2.9
2019	May	2.4
2019	June	2.7
2019	July	2.5
2019	August	2.8
2019	September	2.6
2019	October	2.7
2019	November	2.6
2019	December	2.7
2020	January	1.8
2020	February	1.6
2020	March	1.4
2020	April	1.2
2020	May	1.2
2020	June	1.6
2020	July	1.7
2020	August	0.7
2020	September	1.1
2020	October	1.2

Decrease in clothing and petrol prices

Inflation fell mainly due to the price development of clothing. In November, clothes were 0.6 percent cheaper than one year previously, while in October prices were 3.2 percent higher year-on-year. The price development of petrol also had a downward effect on inflation. In November, petrol prices were 8 percent lower year-on-year and in October the price decrease was 5.2 percent.

CPI: Major contributions to year-on-year change
	November (percentage point)	October (percentage point)
All items	0.8	1.2

Miscellaneous goods and services	0.35	0.29
Alcoholic beverages and tobacco	0.29	0.3
Housing, water and energy	0.21	0.2
Recreation and culture	0.12	0.16
Clothing and shoes	0	0.21
Communication	-0.07	-0.05
Transport services	-0.36	-0.32

CPI: Major contributions to year-on-year change
	November (percentage point)	October (percentage point)
All items	0.8	1.2

Miscellaneous goods and services	0.35	0.29
Alcoholic beverages and tobacco	0.29	0.3
Housing, water and energy	0.21	0.2
Recreation and culture	0.12	0.16
Clothing and shoes	0	0.21
Communication	-0.07	-0.05
Transport services	-0.36	-0.32

Inflation in eurozone remains negative

Aside from the consumer price index (CPI), CBS also calculates the European harmonised index of consumer prices (HICP).

In November, HICP-based prices of goods and services in the Netherlands were 0.7 percent up year-on-year, versus 1.2 percent in October. The inflation rate in the eurozone remained at -0.3 percent, as in the previous two months.

Harmonised Index of Consumer Prices (HICP)
year	month	The Netherlands (year-on-year % change)	Euro area (year-on-year % change)
2015	January	-0.7	-0.6
2015	February	-0.5	-0.3
2015	March	-0.3	-0.1
2015	April	0	0.2
2015	May	0.7	0.6
2015	June	0.5	0.5
2015	July	0.8	0.5
2015	August	0.4	0.4
2015	September	0.3	0.2
2015	October	0.4	0.4
2015	November	0.4	0.1
2015	December	0.5	0.3
2016	January	0.2	0.3
2016	February	0.3	-0.1
2016	March	0.5	0
2016	April	-0.2	-0.3
2016	May	-0.2	-0.1
2016	June	-0.2	0
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	1.7
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	1.6
2017	October	1.3	1.4
2017	November	1.5	1.5
2017	December	1.2	1.3
2018	January	1.5	1.3
2018	February	1.3	1.1
2018	March	1	1.4
2018	April	1	1.2
2018	May	1.9	2
2018	June	1.7	2
2018	July	1.9	2.2
2018	August	1.9	2.1
2018	September	1.6	2.1
2018	October	1.9	2.3
2018	November	1.8	1.9
2018	December	1.8	1.5
2019	January	2	1.4
2019	February	2.6	1.5
2019	March	2.9	1.4
2019	April	3	1.7
2019	May	2.3	1.2
2019	June	2.7	1.3
2019	July	2.6	1
2019	August	3.1	1
2019	September	2.7	0.8
2019	October	2.8	0.7
2019	November	2.6	1
2019	December	2.8	1.3
2020	January	1.7	1.4
2020	February	1.3	1.2
2020	March	1.1	0.7
2020	April	1	0.3
2020	May	1.1	0.1
2020	June	1.7	0.3
2020	July	1.6	0.4
2020	August	0.3	-0.2
2020	September	1	-0.3
2020	October	1.2	-0.3
2020	November	0.7	-0.3

Harmonised Index of Consumer Prices (HICP)
year	month	The Netherlands (year-on-year % change)	Euro area (year-on-year % change)
2015	January	-0.7	-0.6
2015	February	-0.5	-0.3
2015	March	-0.3	-0.1
2015	April	0	0.2
2015	May	0.7	0.6
2015	June	0.5	0.5
2015	July	0.8	0.5
2015	August	0.4	0.4
2015	September	0.3	0.2
2015	October	0.4	0.4
2015	November	0.4	0.1
2015	December	0.5	0.3
2016	January	0.2	0.3
2016	February	0.3	-0.1
2016	March	0.5	0
2016	April	-0.2	-0.3
2016	May	-0.2	-0.1
2016	June	-0.2	0
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	1.7
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	1.6
2017	October	1.3	1.4
2017	November	1.5	1.5
2017	December	1.2	1.3
2018	January	1.5	1.3
2018	February	1.3	1.1
2018	March	1	1.4
2018	April	1	1.2
2018	May	1.9	2
2018	June	1.7	2
2018	July	1.9	2.2
2018	August	1.9	2.1
2018	September	1.6	2.1
2018	October	1.9	2.3
2018	November	1.8	1.9
2018	December	1.8	1.5
2019	January	2	1.4
2019	February	2.6	1.5
2019	March	2.9	1.4
2019	April	3	1.7
2019	May	2.3	1.2
2019	June	2.7	1.3
2019	July	2.6	1
2019	August	3.1	1
2019	September	2.7	0.8
2019	October	2.8	0.7
2019	November	2.6	1
2019	December	2.8	1.3
2020	January	1.7	1.4
2020	February	1.3	1.2
2020	March	1.1	0.7
2020	April	1	0.3
2020	May	1.1	0.1
2020	June	1.7	0.3
2020	July	1.6	0.4
2020	August	0.3	-0.2
2020	September	1	-0.3
2020	October	1.2	-0.3
2020	November	0.7	-0.3

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 developments in rental property prices.

Implications of the coronavirus crisis for consumer price measurements in November

Due to coronavirus-related government measures, in November the full extent of services by e.g. airlines and events was limited or unavailable. As a consequence, there were no transactions for many of these services for which prices could be measured. In line with guidelines from Eurostat, the statistical office of the European Union, CBS chose the most appropriate estimation method for each situation. The product groups within which prices had to be estimated due to coronavirus measures account for around 10 percent of consumptive expenditure. All choices are explained in a note and in a table is indicated per product group if an estimate had to be made.

Sources

StatLine - Consumer prices
Custom - CPI; Overview COVID-19 adjustments, as from April 2020

Decrease in clothing and petrol prices

Inflation in eurozone remains negative

Implications of the coronavirus crisis for consumer price measurements in November

Sources

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