|Year||Month||Year-on-year change (year-on-year % change)|
Motor fuels push up inflation rate
The increase in inflation is mainly due to the price development of motor fuels. In February, fuel prices were 0.7 percent higher than one year previously, while motor fuels were 5.4 percent cheaper in January year-on-year. Consumers paid an average of 1.676 euros per litre for petrol and 1.354 euros for diesel in February. In January, this was 1.615 euros and 1.289 euros per litre respectively. The price developments of clothing and energy also had an upward effect on inflation.
|February 2021 (percentage point)||January 2021 (percentage point)|
|Housing, water and |
|Alcoholic beverages and |
|Miscellaneous goods |
|Restaurants and hotels||0.25||0.21|
|Recreation and culture||0.21||0.25|
|Furnishing and household |
|Food and non-alcoholic |
|Consumption related taxes||0.03||0.03|
|Clothing and footwear||0.01||-0.08|
Netherlands has highest inflation 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 1.9 percent up year-on-year. This was 1.6 percent in January. At 0.9 percent, the inflation rate in the eurozone remained the same as in January. According to provisional figures, the Netherlands had the highest inflation rate in the eurozone in February.
|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.
Implications of the coronavirus crisis for consumer price measurements in February
Due to coronavirus-related government measures, in February the extent of services by e.g. airlines and restaurants was either limited or unavailable. As a consequence, for many of these services there were no transactions that allowed for price measurements. In line with guidelines from Eurostat, the statistical office of the European Union, CBS has chosen the most appropriate estimation method in each situation. The product groups that required price estimates due to the coronavirus measures account for around 7 percent of consumptive expenditure.
The coronavirus crisis has significantly changed consumers' spending patterns. The change in consumption pattern will affect inflation in 2021.