Harmonised consumer price index up by 11.9 percent in March

Petrol station with passenger cars
© CBS
According to the European Harmonised Index of Consumer Prices (HICP), the inflation rate in the Netherlands stood at 11.9 percent in March, as reported by Statistics Netherlands (CBS). In February, the inflation rate was 7.3 percent. This is a first estimate, based on as yet incomplete source data. The regular figures, including inflation according to the Dutch Consumer Price Index (CPI), are published today.

Price development of special aggregates

In its first estimate (also known as flash estimate), CBS also publishes price developments in so-called special aggregates. Four special aggregates together make up total consumption expenditure according to the HICP: non-energy industrial goods; energy including motor fuels; food, beverages and tobacco; and services.

HICP and CPI

Since 1996, CBS has published two different inflation rates: one based on the Consumer Price Index (CPI) and one based on the Harmonised Index of Consumer Prices (HICP). In order to facilitate comparison between countries, EU member states calculate a consumer price index according to internationally agreed definitions and methods. The European Central Bank (ECB) uses the HICP to formulate its monetary policies in the euro area. In addition, most countries produce their own national consumer price index.

The main difference between the CPI and the HICP for the Netherlands is that, 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 rental property prices. However, this is not the only difference.

Sources

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