Inflation at 8.0 percent in February according to flash estimate

More recent figures are available on this topic. View the latest figures here.
© CBS
Statistics Netherlands (CBS) reports in a flash estimate that the CPI-measured inflation rate stood at 8.0 percent in February. The flash estimate was calculated on the basis of still incomplete source data. In January, consumer goods and services were 7.6 percent more expensive than one year previously. The regular consumer price index figures will be published on 14 March.

An inflation rate of 8.0 percent in February 2023 means that prices of consumer products were on average 8.0 percent higher than in February 2022. The 8.0-percent inflation rate is therefore not on top of the 7.6-percent inflation of January.

Inflation (CPI)
YearMonthYear-on-year change (year-on-year % change)
2018January1.5
2018February1.2
2018March1
2018April1.1
2018May1.7
2018June1.7
2018July2.1
2018August2.1
2018September1.9
2018October2.1
2018November2
2018December2
2019January2.2
2019February2.6
2019March2.8
2019April2.9
2019May2.4
2019June2.7
2019July2.5
2019August2.8
2019September2.6
2019October2.7
2019November2.6
2019December2.7
2020January1.8
2020February1.6
2020March1.4
2020April1.2
2020May1.2
2020June1.6
2020July1.7
2020August0.7
2020September1.1
2020October1.2
2020November0.8
2020December1
2021January1.6
2021February1.8
2021March1.9
2021April1.9
2021May2.1
2021June2
2021July1.4
2021August2.4
2021September2.7
2021October3.4
2021November5.2
2021December5.7
2022January6.4
2022February6.2
2022March9.7
2022April9.6
2022May8.8
2022June8.6
2022July10.3
2022August12
2022September14.5
2022October14.3
2022November9.9
2022December9.6
2023January7.6
2023February8

Price development of product groups

In addition to the CPI inflation rate, CBS also publishes the price development of a number of product groups as part of its flash estimate. Four groups together constitute total CPI expenditure. These include: non-energy industrial goods; energy including motor fuels; food, beverages and tobacco; and services.

CPI; annual rate of change of product groups
 February 2023 (%)January 2023 (%)
All items8.07.6
Non-energy industrial goods8.78.1
Energy including motor fuels-1.1-0.2
Food, beverages and tobacco15.114.5
Services5.75.3

New energy price measurement method

As from reporting month June 2023, in which the flash estimate will be published on 30 June, CBS will employ a new method to measure energy prices in the CPI. Under the current method, the price development of energy is measured on the basis of new energy contracts. The new method uses transaction data provided by energy suppliers, so that the tariffs paid under long-standing energy contracts can also be taken into account. This will result in a more accurate inflation rate. Today, CBS publishes an update on its research into the new method of measuring energy prices.

HICP flash estimate

As of 1996, CBS publishes two different inflation rates. One based on the Consumer Price Index (CPI) and one on the Harmonised Index of Consumer Prices (HICP). According to the HICP flash estimate, inflation stood at 8.9 percent in February. This was 8.4 percent in January.

In order to facilitate comparison of inflation rates, the member states of the European Union (EU) also compile a consumer price index according to internationally agreed definitions and methods. Eurostat calculates the inflation rates for the euro area and the European Union based on these harmonised indices from all EU countries. 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.

For the Netherlands, the main difference between the CPI and the HICP is that, unlike the CPI, the HICP does not take into account the costs related to home ownership. In the CPI, these costs are calculated on the basis of rental property prices. However, this is not the only difference. This is further explained in a publication.

Sources

Related items