Consumer prices 2.4 percent up in May

13/06/2019 15:00

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Statistics Netherlands (CBS) reports that the consumer price index (CPI) was 2.4 percent higher in May than in the same month last year. In April, prices of consumer goods and services were up by 2.9 percent year-on-year.

The consumer price index (CPI) is an important indicator for inflation, but 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.

Consumer price index (CPI)
Year	Month	Year-on-year change (year-on-year % change)
2014	January	1.4
2014	February	1.1
2014	March	0.8
2014	April	1.2
2014	May	0.8
2014	June	0.9
2014	July	0.9
2014	August	1
2014	September	0.9
2014	October	1.1
2014	November	1
2014	December	0.7
2015	January	0
2015	February	0.2
2015	March	0.4
2015	April	0.6
2015	May	1.1
2015	June	1
2015	July	1
2015	August	0.8
2015	September	0.6
2015	October	0.6
2015	November	0.7
2015	December	0.7
2016	January	0.6
2016	February	0.6
2016	March	0.6
2016	April	0
2016	May	0
2016	June	0
2016	July	-0.2
2016	August	0.2
2016	September	0.1
2016	October	0.4
2016	November	0.6
2016	December	1
2017	January	1.7
2017	February	1.8
2017	March	1.1
2017	April	1.6
2017	May	1.1
2017	June	1.1
2017	July	1.3
2017	August	1.4
2017	September	1.5
2017	October	1.3
2017	November	1.5
2017	December	1.3
2018	January	1.5
2018	February	1.2
2018	March	1
2018	April	1.1
2018	May	1.7
2018	June	1.7
2018	July	2.1
2018	August	2.1
2018	September	1.9
2018	October	2.1
2018	November	2
2018	December	2
2019	January	2.2
2019	February	2.6
2019	March	2.8
2019	April	2.9
2019	May	2.4

Consumer price index (CPI)
Year	Month	Year-on-year change (year-on-year % change)
2014	January	1.4
2014	February	1.1
2014	March	0.8
2014	April	1.2
2014	May	0.8
2014	June	0.9
2014	July	0.9
2014	August	1
2014	September	0.9
2014	October	1.1
2014	November	1
2014	December	0.7
2015	January	0
2015	February	0.2
2015	March	0.4
2015	April	0.6
2015	May	1.1
2015	June	1
2015	July	1
2015	August	0.8
2015	September	0.6
2015	October	0.6
2015	November	0.7
2015	December	0.7
2016	January	0.6
2016	February	0.6
2016	March	0.6
2016	April	0
2016	May	0
2016	June	0
2016	July	-0.2
2016	August	0.2
2016	September	0.1
2016	October	0.4
2016	November	0.6
2016	December	1
2017	January	1.7
2017	February	1.8
2017	March	1.1
2017	April	1.6
2017	May	1.1
2017	June	1.1
2017	July	1.3
2017	August	1.4
2017	September	1.5
2017	October	1.3
2017	November	1.5
2017	December	1.3
2018	January	1.5
2018	February	1.2
2018	March	1
2018	April	1.1
2018	May	1.7
2018	June	1.7
2018	July	2.1
2018	August	2.1
2018	September	1.9
2018	October	2.1
2018	November	2
2018	December	2
2019	January	2.2
2019	February	2.6
2019	March	2.8
2019	April	2.9
2019	May	2.4

Air fares lower

The year-on-year increase in the CPI was lower in May than in April, mainly due to the price development of air fares, package holidays abroad and holiday park accommodations. Prices for these services go up during school holidays and holiday periods. Because there were fewer public holidays in May 2019 than in May 2018, prices were lower on average.

The price development of petrol also had a downward effect on the consumer price index. In May, the price of petrol at the filling station was 3.5 percent up, while in April it was 6.0 percent up year-on-year. The average litre price of unleaded petrol was 1.72 euros in May.

CPI: Major contributions to year-on-year change
	May (percentage point)	April (percentage point)
Total	2.4	2.9

Housing, water and energy	1.09	1.1
Food and non alcoholic beverages	0.4	0.41
Restaurants and hotels	0.24	0.31
Transport	0.23	0.58
Miscellaneous goods and services	0.19	0.22
Consumption abroad	0.19	0.15
Clothing and footwear	-0.09	-0.13
Communications	-0.17	-0.17

CPI: Major contributions to year-on-year change
	May (percentage point)	April (percentage point)
Total	2.4	2.9

Housing, water and energy	1.09	1.1
Food and non alcoholic beverages	0.4	0.41
Restaurants and hotels	0.24	0.31
Transport	0.23	0.58
Miscellaneous goods and services	0.19	0.22
Consumption abroad	0.19	0.15
Clothing and footwear	-0.09	-0.13
Communications	-0.17	-0.17

Rise in consumer prices also lower in eurozone

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

In May, HICP-based prices of goods and services in the Netherlands were 2.3 percent up year-on-year versus 3.0 percent in April. In the eurozone, the price increase went down from 1.7 to 1.2 percent. In January 2019, the low VAT rate and energy taxes were raised in the Netherlands.

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

StatLine - Consumer prices

Air fares lower

Rise in consumer prices also lower in eurozone

Sources

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