Consumer prices 1.5 percent up in September

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Statistics Netherlands (CBS) reports that the consumer price index (CPI) was 1.5 percent higher in September than in the same month last year. In August, prices of consumer goods and services were 1.4 percent up on a year-on-year basis.

The consumer price index (CPI) is an important indicator for inflation, but is not the only one. It is an index for price changes in a basket of consumer goods and services, such as groceries, clothing, petrol, rent and insurance premiums. Inflation is a broader term which covers more than consumer goods and services; for example, prices of owner-occupied houses, manufactured products, shares and gold are also subject to change.

Airplane tickets up in price

The year-on-year increase in consumer prices over September was somewhat higher than in August. This is mainly due to price developments of airplane tickets. Airplane tickets were 6 percent higher in September than in the same month last year. In August, tickets were still 3 percent cheaper year-on-year.

On the other hand, prices for Dutch holiday park accommodations had a downward effect on the consumer price index. Consumers paid 11 percent more in September than in the same month last year. In August, the year-on-year price increase was as much as 17 percent.

Rise in Dutch consumer prices slightly lower 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 fell from 1.5 percent in August to 1.4 percent in September. In the eurozone, the price increase of goods and services remained 1.5 percent. This means that Dutch prices increased at a slightly lower rate than prices 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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