HICP 13.6 percent higher in August

Consumer using central heating at home.
© Hollandse Hoogte / Richard Brocken
According to the European Harmonised Index of Consumer Prices (HICP), inflation stood at 13.6 percent in August, as reported by Statistics Netherlands (CBS). This was 11.6 percent in July. This is an initial estimate, based on as yet incomplete source data. The regular figures, including inflation according to the Dutch Consumer Price Index (CPI), will be published on 6 September.

Harmonised Index of Consumer Prices (HICP) for the Netherlands
YearMonthYear-on-year change (year-on-year % change)
2017January1.6
2017February1.7
2017March0.6
2017April1.4
2017May0.7
2017June1
2017July1.5
2017August1.5
2017September1.4
2017October1.3
2017November1.5
2017December1.2
2018January1.5
2018February1.3
2018March1
2018April1
2018May1.9
2018June1.7
2018July1.9
2018August1.9
2018September1.6
2018October1.9
2018November1.8
2018December1.8
2019January2
2019February2.6
2019March2.9
2019April3
2019May2.3
2019June2.7
2019July2.6
2019August3.1
2019September2.7
2019October2.8
2019November2.6
2019December2.8
2020January1.7
2020February1.3
2020March1.1
2020April1
2020May1.1
2020June1.7
2020July1.6
2020August0.3
2020September1
2020October1.2
2020November0.7
2020December0.9
2021January1.6
2021February1.9
2021March1.9
2021April1.7
2021May2
2021June1.7
2021July1.4
2021August2.7
2021September3
2021October3.7
2021November5.9
2021December6.4
2022January7.6
2022February7.3
2022March11.7
2022April11.2
2022May10.2
2022June9.9
2022July11.6
2022August13.6

Price developments in special aggregates

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

HICP; annual changes in special aggregates
 August 2022 (%)July 2022 (%)
All items13.611.6
Non-energy industrial goods5.85.2
Energy including motor fuels88.268.4
Food, beverages and tobacco10.810.1
Services4.74.8

HICP and CPI

CBS has been publishing two different inflation rates since 1996: 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. The differences are further explained in a publication.

Sources

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