Inflation rate up to 2.4 percent in August
|Year||Month||Year-on-year change (year-on-year % change)|
Holiday prices up
Inflation was higher in August than in July. This is partly due to the price development of holidays. Package deals for holidays abroad were 16.4 percent more expensive in August than one year previously, while they were 4.4 percent cheaper in July year-on-year. This is mainly because the price level of package holidays was relatively low in August 2020. A stay in a holiday park cost 12.0 percent more in August than in the same month last year. In July, holiday park accommodations were still 6.3 percent cheaper year-on-year. In August, prices were at the highest level ever recorded.
Higher inflation also due to price developments of food
The developments in prices of food products also drove up inflation. Food products were 0.2 percent more expensive in August, but 0.9 percent cheaper in July year-on-year. This is mainly due to the price development of potatoes, fruit and meat.
|August (percentage point)||July (percentage point)|
|Housing, water and |
|Miscellaneous goods |
|Furnishing and household |
|Restaurants and hotels||0.12||-0.04|
|Alcoholic beverages and |
|Clothing and footwear||0.07||0.04|
|Recreation and culture||0.06||-0.16|
|Consumption related taxes||0.03||0.03|
|Food and non-alcoholic |
Increase HICP in the euro area 3.0 percent
Aside from the consumer price index (CPI), CBS also calculates the European harmonised consumer price index (HICP). According to the European HICP, consumer goods and services in the Netherlands were 2.7 percent more expensive in August than in the same month last year, up from 1.4 percent in July. Inflation in the euro area rose from 2.2 to 3.0 percent.
|year||month||The Netherlands (year-on-year % change)||Euro area (year-on-year % change)|
The HICP is compiled according to the European harmonised method to facilitate comparison across EU member states. Price indices for the euro area and the European Union as a whole are calculated based on the HICPs of the individual member states. The European Central Bank (ECB) uses these figures to formulate its monetary policy.
The main conceptual difference between the CPI and the HICP for the Netherlands is that, unlike the CPI, the HICP does not take into account the costs of homeownership. In the Dutch CPI, these costs are calculated based on developments in rental property prices.
Implications of the coronavirus crisis for consumer price measurements
Due to the government's COVID-19 countermeasures, some services have been either limited or unavailable since April 2020, such as a visit to festivals in August. As a result, there were no transactions for these services that allowed for price measurements. In accordance with the Eurostat guidelines, CBS opted for the most appropriate estimation method in each situation.
The coronavirus pandemic has significantly changed consumers’ spending patterns. The change in consumption patterns will affect inflation in 2021.
- StatLine - Consumer prices
- Custom - CPI; Overview COVID-19 adjustments, as from April 2020
- Dossier - Business Cycle
- Longread - The impact of the corona crisis on compiling the CPI