Inflation slows to 3.3 percent in May

Inflation is measured each month as the increase in the consumer price index (CPI) relative to one year previously. The CPI not only provides an insight into price changes relative to one year previously (inflation) but also changes relative to the previous month. Prices for consumers fell by 0.5 percent in May relative to April.

Flight tickets have downward effect

The drop in inflation was mainly due to changes in the price of flight tickets. In May 2025, international flights were 20.3 percent cheaper than a year earlier, while in April 2025 they were 20.8 percent more expensive than in April 2024. Inflation also fell due to the price of bungalow park accommodation. May 2025 had fewer vacation days than May 2024, because the May holiday fell earlier than last year. Prices for services related to tourism tend to be higher around public holidays and during school holidays because more people go on holiday.

Price changes in the short term

The CPI not only provides an insight into price changes relative to one year previously (inflation) but also compared to the previous month. Consumer prices fell by 0.5 percent in May relative to April.

It is worth noting that when making comparisons with the previous month, seasonal factors must be taken into account. As this month's figures showed, airline tickets are more expensive during holiday months than in months outside the holiday season. Prices are temporarily higher then, but this is not a structural price increase. Due to these seasonal influences, month-on-month changes are often more volatile than year-on-year changes.

Euro area inflation also down

CBS publishes two different inflation rates: one is based on the Consumer Price Index (CPI) and the other is based on the European Harmonised Index of Consumer Prices (HICP). According to the HICP, consumer goods and services in the Netherlands were 2.9 percent more expensive in May than they were one year previously. In the flash estimate for May this was 3.0 percent. In April, inflation was 4.1 percent according to the HICP. Inflation in the euro area as a whole fell from 2.2 percent in April to 1.9 percent in May.

In particular, in May the year-on-year price increase for food, beverages and tobacco was higher in the Netherlands than the eurozone average.

Difference between CPI and 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 for the euro area. Most countries also produce their own national consumer price index.

For the Netherlands, the main difference between the CPI and the HICP is that the HICP does not take account of costs related to home ownership while the CPI does. In the Dutch CPI, these costs are calculated based on changes to rental property prices. These differences are explained in greater detail in the article Differences between consumer price figures.

New base year for CPI figures with effect from 2026

With effect from 2026, the Consumer Price Index (CPI) and the European Harmonised Index of Consumer Prices (HICP) will move to a new base year, from 2015=100 to 2025=100. An update to the classification of goods and services will also come into use in 2026, in order to reflect current consumption patterns better. The CPI will also be brought more into line with the HICP from 2026 onwards. It is worth noting that these changes will not affect inflation figures that have already been published. The first figures based on the new series with the reference year 2025 will be published in early February 2026.