Inflation substantially up

In July, Dutch inflation was 1.6 percent, i.e. 0.8 percentage points up on June. The increase was mainly caused by price developments for natural gas. Annual rent adjustments curbed inflation somewhat.
Inflation is defined as the increase in the consumer price index (CPI) compared to the same month in the previous year.

Housing, water and energy accounted for 0.3 percentage point of July’s inflation. In June, this group of articles still had a downward effect on inflation of 0.4 percentage points. With 0.4 percentage points, the transport sector accounted for most of June’s inflation. Food, alcoholic drinks and tobacco products contributed 0.2 percentage points.

Contribution to inflation

The harmonised consumer price index (HICP) allows comparison between the inflation rates in the member states of the European Union (EU). According to the HICP, Dutch inflation was 1.3 percent in July. Eurostat, the European statistical office, calculated an inflation rate of 1.7 percent in the eurozone. The gap between Dutch inflation and the eurozone average has narrowed.

Dutch inflation