Inflation climbs further

Dutch inflation was 2.6 percent in June, 0.3 percentage points up on May. Higher petrol prices mainly accounted for the increase. Inflation is calculated as the increase of the consumer price index (CPI) relative to the same month in the previous year.

With 0.8 percentage points, higher costs of transport (fuel) contributed most to June’s inflation rate. Higher prices for food and soft drinks contributed 0.7 percentage points, more expensive hotel and catering services contributed 0.2 percentage points. The category ‘various goods and services’ (e.g. insurances) contributed a substantial 0.4 percentage points to the inflation rate. Prices of recreational and cultural activities and communication services, on the other hand, had a downward effect.

The harmonised consumer price index (HICP) allows comparison between the member states of the European Union (EU). Dutch inflation according to the HICP was 2.3 percent in June, i.e. 0,2 percentage points up on May.

Inflation in the eurozone is soaring. Eurostat, the European statistical office, calculated that the inflation rate had risen to 4.0 percent in June. This is unprecedented since the beginning of the series in 1997. In this period, inflation in the Netherlands reached its peak in 2001. In April and May 2001, Dutch harmonized consumer prices were 5.5 percent higher than twelve months previously.

Dutch inflation