Inflation down slightly

Dutch inflation was 3.1 percent in September. This is slightly down on August’s 3.2 percent. The decrease was mainly the result of developments in petrol prices. Inflation is calculated as the increase of the consumer price index (CPI) relative to the same month in the previous year.

With an increase by 0.8 percentage points, costs of housing, water and energy contributed most to August’s inflation rate. Higher prices for food, soft drinks contributed 0.7 percentage points, transport services and motor fuels 0.6 percentage point. The category ‘various goods and services’ (e.g. insurances) contributed 0.4 percentage points to the inflation rate. Prices of communication services and prices of recreational and cultural services, such as audio, video, computers and software, had a downward effect on inflation.

The harmonised consumer price index (HICP) allows comparison between the member states of the European Union (EU). According to the HICP, Dutch inflation was 2.8 percent in September. This is 0.2 percentage points down on August. Eurostat, the European statistical office, calculated an inflation rate in the eurozone of 3.6 percent in September. This, too, is 0.2 percentage points down on August. The Netherlands still has the lowest rate of inflation in the eurozone.

Dutch inflation