Harmonised consumer price index up by 11.9 percent in March

Petrol station with passenger cars
© CBS/Alrik Swagerman
According to the European Harmonised Index of Consumer Prices (HICP), the inflation rate in the Netherlands stood at 11.9 percent in March, as reported by Statistics Netherlands (CBS). In February, the inflation rate was 7.3 percent. This is a first estimate, based on as yet incomplete source data. The regular figures, including inflation according to the Dutch Consumer Price Index (CPI), are published today.

Harmonised Index of Consumer Prices (HICP) for the Netherlands
jaarmaandNetherlands (year-on-year % change)
2017January1.6
2017February1.7
2017March0.6
2017April1.4
2017May0.7
2017June1
2017July1.5
2017August1.5
2017September1.4
2017October1.3
2017November1.5
2017December1.2
2018January1.5
2018February1.3
2018March1
2018April1
2018May1.9
2018June1.7
2018July1.9
2018August1.9
2018September1.6
2018October1.9
2018November1.8
2018December1.8
2019January2
2019February2.6
2019March2.9
2019April3
2019May2.3
2019June2.7
2019July2.6
2019August3.1
2019September2.7
2019October2.8
2019November2.6
2019December2.8
2020January1.7
2020February1.3
2020March1.1
2020April1
2020May1.1
2020June1.7
2020July1.6
2020August0.3
2020September1
2020October1.2
2020November0.7
2020December0.9
2021January1.6
2021February1.9
2021March1.9
2021April1.7
2021May2
2021June1.7
2021July1.4
2021August2.7
2021September3
2021October3.7
2021November5.9
2021December6.4
2022January7.6
2022February7.3
2022March11.9

Price development of special aggregates

In its first estimate (also known as flash estimate), CBS also publishes price developments in so-called special aggregates. Four special aggregates together make up total consumption expenditure according to the HICP: non-energy industrial goods; energy including motor fuels; food, beverages and tobacco; and services.

HICP; annual changes in special aggregates
 March (%)February (%)
Total11.97.3
Non-energy industrial goods4.24.1
Energy including motor fuels102.951.7
Food, beverages and tobacco5.54.6
Services2.11.8

HICP and CPI

Since 1996, CBS has published two different inflation rates: one based on the Consumer Price Index (CPI) and one based on the Harmonised Index of Consumer Prices (HICP). In order to facilitate comparison between countries, EU member states calculate a consumer price index according to internationally agreed definitions and methods. The European Central Bank (ECB) uses the HICP to formulate its monetary policies in the euro area. In addition, most countries produce their own national consumer price index.

The main difference between the CPI and the HICP for the Netherlands is that, 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 rental property prices. However, this is not the only difference.

Sources

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