Consumer prices 1.3 percent up in July

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Statistics Netherlands (CBS) reports that the consumer price index (CPI) was 1.3 percent higher in July 2017 than in July 2016. In June, prices of consumer goods and services were 1.1 percent up on a year-on-year basis.

The consumer price index (CPI) is one of the inflation indicators presented in the price dashboard. The price dashboard also includes other inflation indicators, e.g. the price index owner-occupied houses (excluding new constructions) and import and export prices of manufactured products.

Higher increase consumer prices

The increase of consumer prices in July was higher than in June. This is mainly due to price developments for holidays. Consumers paid more for airplane tickets and foreign package holidays in July than in July 2016. Prices for Dutch holiday park accommodations were also higher than one year previously.

Price developments of natural gas also had an upward effect on consumer prices. Delivery rates of natural gas were higher in July than last year. In June, these rates were lower than one year previously.

CPI; major contributions to year-on-year change
 June 2017July 2017
Total1.11.3
Housing, water and
energy 		0.420.42
Food and non alcoholic
beverages		0.320.38
Restaurants and hotels0.240.31
Transport0.050.18
Recreation and culture0.120.18
Miscellaneous goods
and services		0.10.09
Consumption abroad0.130.07
Clothing and footwear-0.11-0.1
Communication-0.23-0.24

Increase consumer prices in the Netherlands higher than in eurozone

In addition to the consumer price index (CPI), CBS also calculates the European harmonised price index (HICP).

HICP-based prices in the Netherlands rose from 1.0 percent in June to 1.5 percent in July. In the eurozone, the price increase of goods and services remained 1.3 percent. It is the first time in over a year that the price increase in the Netherlands is higher than in the eurozone.

The HICP is compiled according to the European harmonised method in order to facilitate comparison between the various EU member states. Price indices for the eurozone and the European Union as a whole are calculated on the basis of the HICPs of the individual member states. The European Central Bank (ECB) uses these figures to formulate its monetary policy.

Unlike the CPI, the HICP does not take into account the costs related to home ownership. In the Dutch CPI, these costs are calculated on the basis of rent levels.

Sources

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