HICP up by 11.2 percent in November

© Hollandse Hoogte / Richard Brocken
The Dutch inflation rate according to the European Harmonised Index of Consumer Prices (HICP) stood at 11.2 percent in November, as reported by Statistics Netherlands (CBS). It was 16.8 percent in October. This is a flash estimate, based on still incomplete source data. The regular figures, including inflation according to the national Consumer Price Index (CPI), will be published on 8 December.

The 11.2-percent inflation rate of November 2022 means that consumer prices were up by 11.2 percent relative to November 2021. The rate is therefore not on top of the 16.8 percent of October.

European harmonised inflation (HICP) for the Netherlands
YearMonthYear-on-year change (year-on-year % change of harmonised consumer price index)
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
2022March11.7
2022April11.2
2022May10.2
2022June9.9
2022July11.6
2022August13.7
2022September17.1
2022October16.8
2022November11.2

Price developments in special aggregates

In its initial estimate (also known as flash estimate), CBS includes price developments in so-called special aggregates. These are groups in which different product categories are grouped together by theme. Four special aggregates together make up total domestic 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
 November 2022 (%)October 2022 (%)
All items11.216.8
Non-energy industrial goods7.17.8
Energy including motor fuels41.699.7
Food, beverages and tobacco12.511.5
Services5.46.1

Energy cost measures in the HICP and CPI

In autumn 2022, the cabinet announced two measures to reduce household energy costs: the temporary energy allowance and the price cap on energy. The allowance, which was paid out in November for the first time, is considered to be income support and therefore does not influence the HICP nor the CPI. However, the price cap does have a direct impact on the price of supplied electricity or gas and is therefore included in the HICP and CPI. This is further explained in the article on effects of energy cost measures on the CPI (Dutch only).

Energy is currently a major contributor to overall inflation. The price development of energy is measured by CBS on the basis of new energy contracts. CBS has launched research into a new method to measure and calculate the energy prices as part of the HICP and CPI. This method should reflect the current developments in energy prices in a more refined manner. Provisional research results  were published end of October 2022. In the coming period, CBS will provide regular updates and results from the study along with its reports on inflation.

HICP and CPI

CBS has been publishing two different inflation rates since 1996: 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. CBS explains the differences in a publication.

Initial estimate of inflation according to CPI

As of 2023, CBS will also start publishing monthly flash estimates according to the CPI. This estimate will be published every month at the same time as the usual HICP estimate. The CPI flash estimate will be published for the first time on 6 January 2023, which will cover December 2022. As with the HICP, the flash estimate is based on still incomplete source data. Therefore, the flash estimate of the CPI is not suitable to use for indexation. The regular CPI and HICP figures are published a few working days after the flash estimates. The introduction of the CPI flash estimate is explained in a separate article (Dutch only).